ABLE accounts offer a transformative opportunity, enabling beneficiaries to achieve financial freedom. For those unable to manage their own accounts, an individual or Organizational Authorized Legal Representative (ALR) can step in to help.
If your organization manages the finances of individuals with disabilities or serves as a Representative Payee designated by the Social Security Administration (SSA), enrolling as an Organizational ALR in an ABLE program can be a game-changer.
Benefits of Becoming an Organizational ALR
For organizations acting as Representative Payees, utilizing ABLE accounts provides several advantages, including:
- Asset Management: Placing funds in an ABLE account helps manage asset limits, preventing the suspension of essential Social Security benefits.
- Flexibility in Management: Organizations can swiftly change the individual with authority to manage the account if an employee leaves or changes positions, ensuring continuous and smooth financial management.
- Simplified Reporting: Easy access to transaction histories and records simplifies the process of completing reports required by the SSA.
Easy Online Registration
The process of registering as an Organizational ALR is straightforward and can be completed online. Here’s what you need to know:
- Organization and Beneficiary Information: Start by providing details about your organization and the beneficiary you’ll be supporting.
- Documentation Upload and Verification: Upload the necessary documents to verify your organization’s status and authority to act as an ALR.
Once your documentation is submitted and approved, you can complete the registration and begin enrolling beneficiaries.
Review the required information and documentation for registration here.
By becoming an Organizational ALR, you can better support the financial futures of individuals with disabilities, offering them a secure and flexible way to save and invest.
You can also hear from a Group Home Administrator just how easy it is to establish and maintain ABLE accounts here.
Have questions? Schedule a personal meeting with our director here.
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