Until now, individuals with disabilities could lose access to government benefits such as Medicaid and SSI if they established even a modest savings or income. Parents were told not to open any kind of account in their disabled child’s name over $2,000.00, and individuals with disabilities were told not to get jobs that would make over $721 per month, because either scenario might cause the disabled individual to lose vital government benefits. Now, the Achieving a Better Life Experience Act of 2014 (“ABLE”) allows families and individuals with disabilities to create tax-advantaged plans without losing the benefits available through government programs, and allows individuals with disabilities to save for their own futures. Read more about it at https://www.congress.gov/bill/113th-congress/house-bill/647.
