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Center on Community Living and Careers

Asset Development

The process of saving money and making investments that increase in value over time

Developing assets is a way to help people with disabilities and their families become more financially self-sufficient, achieve goals and attain a more stable future. Lifelong assets can actually help people with low and moderate incomes move out of poverty. Individuals and their supporters should contact Indiana Works to discuss how earnings may impact their benefits as well as to learn more about Individual Development Accounts (IDAs), taxes for people with disabilities and special needs trusts. For more information about asset development and how it relates to people with disabilities, watch our PowerPoint.

I want to/My client wants to...

  • ...Buy a Home
    Individual Development Accounts (IDAs) are special savings accounts that allow people who work to put aside money for buying or rehabbing a home. To help savings grow faster, the IDA program will add to deposits made to an IDA by the beneficiary. Earned income deposited in an IDA account is not counted toward the resource or income limitations for federal benefits programs. For more specifics, click here to read the IDA Fact Sheet.
  • ...Pay for an Education or Job Training
    Individual Development Accounts (IDAs) are special savings accounts that allow people who work to put aside money for job training or obtaining an education. To help savings grow faster, the IDA program will add to deposits made to an IDA by the beneficiary. For more specifics, click here to read the IDA Fact Sheet.
  • ...Start a Business
    Individual Development Accounts (IDAs) are special savings accounts that allow people who work to put aside money for investing in or starting a business. To help savings grow faster, the IDA program will add to deposits made to an IDA by the beneficiary. For more specifics, click here to read the IDA Fact Sheet.
  • ...Plan for a Loved One's Future
    Special needs trusts are designed to help individuals and families provide future resources for individuals with disabilities. Special needs trusts can be arranged privately through an attorney or through the Arc of Indiana's Master Trust program.
  • ...Become More Financially Self-Sufficient
    Social Security programs known as "work incentives" help people who receive Supplemental Security Income (SSI) and or Social Security Disability Insurance achieve specific work goals and reduce their dependence on benefits. Here are a few examples:
    • Plan to Achieve Self-Support (PASS)-Individuals may set aside income or resources for specialized job training, to start a business, or for other specific goals. That income is not counted when Social Security determines an SSI payment amount, which may then increase the amount of SSI paid to that person.
    • Continuation of Medicare Coverage-Most individuals with disabilities will receive at least 93 months (7 years, 2 months) of healthcare coverage after cash benefits end due to work.
  • ...Learn About Working and Benefits
    Social Security has established work incentive programs to help people with disabilities work and earn more money. Click here for more information on work incentives.
  • ...Invest His/Her Earned-Income Tax Credit (EITC) into an IDA
    For more information on how to use an EITC refund as part of an asset development strategy, click here.

 

Links

Work Incentives—Indiana Works
IDA’s—Indiana Housing and Community Development Authority Contact Information
Mortgages—Refinance and Mortgage Guide for People with Disabilities

Glossary

Terms and related resources