The launch of the MO ABLE program brings relief to Columbia families

3 years 4 months 1 week ago Wednesday, May 10 2017 May 10, 2017 Wednesday, May 10, 2017 4:23:00 PM CDT May 10, 2017 in News
By: Justice Henderson, KOMU 8 Reporter
loading

COLUMBIA - Families in Missouri have started setting up MO ABLE (Achieving a Better Life Experience) accounts, and others are getting their documents together to open their account.

Two Columbia mothers who are working with Rep. Caleb Rowden, R-Columbia, and Rep. Chuck Bayse, R-Rocheport, agree that the program is best for their families.

MO ABLE accounts are tax-advantaged savings accounts for individuals with disabilities. 

The MO ABLE plan will be one of the nation’s lowest cost and highest service ABLE plans.

Missouri State Treasurer Eric Schmitt has a son with major disabilities, and he and his family relate to this program on personal level.

"For individuals with disabilities, it's really about financial empowerment and allowing them to reach their full potential, and for families it gives them a peace of mind," Schmitt said. 

Schmitt also mentioned that his son Steven having a disability keeps him and his wife up at night. He wants to be sure there is something in place for when he and his wife are no longer around. 

In order to qualify for the program, the person's disability must have occurred before the age of 26. The account can be opened by the person with the disability, a parent, a guardian, or someone with a power of attorney.

One mother who has a son with a disability, recently opened up an account for her son.

"Nathan works really hard in therapies, trying to learn the things that he needs to be independent. When he is an adult, I don't want the cost of independence to keep him from being independent," Schelp said.

Another mother, who has a son that has Partial Agenesis of the Corpus Callosum, meaning he was born without a portion of his brain, plans to sign up for the program soon.

"The idea of this account is really valuable to the quality of life, and for him to be able to live on his own down the road," Myers said.

Myers also explained she is really excited about how easy it is to sign up for the program and how it benefits people in the long run.

Before the MO ABLE account became available, those with disabilities were only able to have up to $2,000 in a savings account.

The program will now allow them to have up to $100,000 in their savings accounts.

Family members and friends are also able to deposit money in the MO ABLE accounts and use the deposits as a tax write off at the end of the year. 

 

More News

Grid
List
JEFFERSON CITY - Police are investigating a shooting incident that left four people injured. According to the Jefferson City... More >>
6 hours ago Sunday, September 20 2020 Sep 20, 2020 Sunday, September 20, 2020 7:00:00 AM CDT September 20, 2020 in News
JEFFERSON CITY - A driver has been taken to hospital after a single vehicle crash on Saturday night. The... More >>
7 hours ago Sunday, September 20 2020 Sep 20, 2020 Sunday, September 20, 2020 5:40:00 AM CDT September 20, 2020 in News
COLUMBIA – While high school football has been happening so far this season in the wake of COVID-19, one part... More >>
18 hours ago Saturday, September 19 2020 Sep 19, 2020 Saturday, September 19, 2020 6:47:00 PM CDT September 19, 2020 in News
COLUMBIA – Supreme Court Justice Ruth Bader Ginsburg left lifelong impressions on two Columbia students. The students, a high... More >>
18 hours ago Saturday, September 19 2020 Sep 19, 2020 Saturday, September 19, 2020 6:47:00 PM CDT September 19, 2020 in News
COLUMBIA - Monday night will likely be a long one for the Columbia City Council as it gets another... More >>
19 hours ago Saturday, September 19 2020 Sep 19, 2020 Saturday, September 19, 2020 6:14:00 PM CDT September 19, 2020 in News
SPRINGFIELD, Mo. (AP) — Authorities say a 19-year-old was fatally shot near the Missouri State University campus in Springfield. ... More >>
22 hours ago Saturday, September 19 2020 Sep 19, 2020 Saturday, September 19, 2020 2:46:00 PM CDT September 19, 2020 in News
As COVID-19 continues to spread, KOMU 8 will continue to update you about impacts in the community. Previous coverage: ... More >>
23 hours ago Saturday, September 19 2020 Sep 19, 2020 Saturday, September 19, 2020 2:14:00 PM CDT September 19, 2020 in News
COLUMBIA - No one was injured in an RV fire in southwest Columbia on Saturday. No injuries have been... More >>
1 day ago Saturday, September 19 2020 Sep 19, 2020 Saturday, September 19, 2020 12:48:00 PM CDT September 19, 2020 in News
JEFFERSON CITY - A fire at a Jefferson City home displaced two people early Saturday morning. According to a... More >>
1 day ago Saturday, September 19 2020 Sep 19, 2020 Saturday, September 19, 2020 9:43:00 AM CDT September 19, 2020 in News
(CNN) -- President Donald Trump hailed Supreme Court Justice Ruth Bader Ginsburg as a "brilliant mind" in a statement Friday... More >>
1 day ago Saturday, September 19 2020 Sep 19, 2020 Saturday, September 19, 2020 5:00:00 AM CDT September 19, 2020 in News
(CNN) -- Supreme Court Justice Ruth Bader Ginsburg died on Friday , the court announced. She was 87. Ginsburg... More >>
1 day ago Friday, September 18 2020 Sep 18, 2020 Friday, September 18, 2020 6:43:00 PM CDT September 18, 2020 in News
(CNN) -- For a father and son, a hug before the first game of football season is a special moment.... More >>
1 day ago Friday, September 18 2020 Sep 18, 2020 Friday, September 18, 2020 6:23:00 PM CDT September 18, 2020 in News
Week four of Friday Night Fever has arrived. Before you head out to your team's game or tune in to... More >>
1 day ago Friday, September 18 2020 Sep 18, 2020 Friday, September 18, 2020 5:56:00 PM CDT September 18, 2020 in Friday Night Fever
Games for high school football games will become available below. Final scores are in bold and home teams are on... More >>
1 day ago Friday, September 18 2020 Sep 18, 2020 Friday, September 18, 2020 5:44:00 PM CDT September 18, 2020 in Friday Night Fever
Welcome to Week 4 of Friday Night Fever! Our game of the week features the Marshall Owls taking on the... More >>
1 day ago Friday, September 18 2020 Sep 18, 2020 Friday, September 18, 2020 5:43:00 PM CDT September 18, 2020 in Friday Night Fever
STOVER - COVID-19 is affecting young and old alike in Morgan County. According to the Morgan County Health Center... More >>
1 day ago Friday, September 18 2020 Sep 18, 2020 Friday, September 18, 2020 5:03:00 PM CDT September 18, 2020 in News
COLUMBIA — Battle High School canceled its game set for Friday against the Hickman High School Kewpies. Battle announced... More >>
1 day ago Friday, September 18 2020 Sep 18, 2020 Friday, September 18, 2020 3:14:00 PM CDT September 18, 2020 in Sports
NEAR CRANE, Mo. (KY3) - The Missouri Water Patrol is investigating a deadly crash killing a father and son from... More >>
1 day ago Friday, September 18 2020 Sep 18, 2020 Friday, September 18, 2020 2:00:00 PM CDT September 18, 2020 in News
Columbia, MO
Broken Clouds 70°
2pm 72°
3pm 73°
4pm 75°
5pm 74°