New Federal Law Allows Some People With Disabilities to Put Aside Money
March 9th, 2015 by beasleyferber
A new federal law known as the “Achieving a Better Life Experience” (ABLE) act allows people who become disabled while under the age of 26, or their families, to put away up to $14,000 a year in a special tax free savings account without affecting their Medicaid or SSI benefits. This amount will be adjusted annually for inflation. The funds in the account can be used for expenses related to living a life with a disability, such as education, housing, employment training and the costs of treating the disability. Each state is required to establish an ABLE program The federal government is in the process of enacting regulations which will help to implement the law. An ABLE account can have up to $100,000, and is referred to as a “529A Account.” We will keep you posted as to the progress of the gpvernment’s enacting of regulations.