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Wednesday, October 05, 2016

ABLE National Resource Center

While the Achieving a Better Life Experience (ABLE) Act has passed it still takes time for each state to develop their plans on how they are going to implement this and pass their own bills.

The ABLE Act is an important piece of legislation for people with disabilities and their families. Up until now people with disabilities could only have $2000 in assets before they start losing government benefits/programs that are needed to help live as independently as possible. ABLE allows a tax-free savings account so they can save more money without being penalized. The ABLE accounts are similar to 529 accounts.

To get more information on ABLE and see the latest news in your state visit the ABLE National Resource Center.
Something to note for these accounts is no matter what state you live in you can open an ABLE account in any state that has an active program; so you can search for a state that has the best program for your family. Currently there are only 4 states with active programs - FL, OH, NE, and TN. You can use this tool to compare state plans.

Hopefully other states will have their programs up and running before too long. You can click on your state to see where they are in the process of implementing their program.

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