How an ABLE account can help those with disabilities

Description

Abstract: Individuals with disabilities can take advantage of an important new savings tool. The Achieving a Better Life Experience (ABLE) Act of 2014 permits the establishment of what are known as ABLE accounts. These accounts provide a tax-advantaged way to save for qualified expenses and, subject to certain limits, typically won’t endanger eligibility for many means-tested federal programs, such as Medicaid. This article offers a summary of the provisions from the legislation.