2014 ABLE Act Provides More Financial Freedom for Individuals with Disabilities
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.