Posted by: Gary M. Sigman, CPA, MTax, AEP®
Americans have had the ability to save for college and for their retirement in a tax-advantaged manner for many years. However, for families that include individuals with disabilities, there was no effective way for them to save for their disability related expenses in such a manner.
The recently enacted "Achieving a Better Life Experience (ABLE) Act of 2014" will now make this possible. This new law will provide assistance to individuals and families that need to save money to help individuals with disabilities maintain their health, independence, and quality of life.
The funds in these new accounts will supplement benefits that are provided by insurance, Medicaid, and SSI, among other sources.
Read more about ABLE accounts for disabled individuals here.
If you have questions on this, or any other tax or business related issue, please contact the experts at Zinner & Co.