Both educational 529 accounts and ABLE accounts can be useful tools in saving for the future for someone with a disability.
Put together, an ABLE account AND a special needs trust can accomplish what neither can do alone. As one piece of a larger plan, an ABLE account can be part of your strategy to meet your individual needs now and in the future.
You can compare ABLE accounts in different states to determine if this new planning tool is right for you. The Achieving a Better Life Experience (ABLE) Act, passed in 2014, allows people with disabilities to save money in an account
Since Louisiana passed its version of ABLE Act in 2014, we have been waiting for word on when Louisiana ABLE accounts would become available. While we wait, other states’ ABLE accounts have come online. Some states allow people who do not live in that state to open an ABLE account there. Just like choosing a bank for your checking account, you can choose which state you want to hold your ABLE account. Many of us have been waiting to see what Louisiana’s program will look like before we decide where to open an account.
No matter which state you live in, you can open an ABLE account in most states with an ABLE program. ABLE accounts allow people with disabilities to set aside up to $14,000 a year in tax-free savings accounts without affecting
In December, the Social Security Administration (SSA) released a new Program Operations Manual System (POMS) section governing the agency’s treatment of ABLE accounts for Supplemental Security Income (SSI) beneficiaries. The guidance released has answered some, but not all, of the