ABLE (Achieving a Better Life Experience) Act:
The Achieving a Better Life Experience (ABLE) Act of 2014 established what is now known as the ABLE Accounts. These are tax-advantaged savings accounts are for individuals with disabilities and their families only. ABLE Accounts have the potential to significantly increase the independence and quality of life of individuals with disabilities without jeopardizing much-needed benefits such as Medicaid and Supplemental Security Income (SSI).
“ABLE accounts are a down payment on freedom for millions of individuals with disabilities and their families” – Chris Rodriguez, Director of the ABLE National Resource Center.
The beneficiary of the account (the person with the disability) is the account owner. The income earned by the accounts will not be taxed. Contributions to the account, which can be made by any person (the account beneficiary, family and friends). These contributions must be made using post-taxed dollars and will not be tax deductible for purposes of federal taxes, however some states may allow for state income tax deductions for contribution made to an ABLE account.
How does the service/topic help the person with a disability or family support system?
ABLE Accounts help families plan and save for the family member with a disability without the worry of interfering with their government or public benefits.
How can a parent/caregiver gain access to this service?
To learn more about how to enroll in an ABLE Account go to their website Click Here.
Recommended websites, YouTube videos, books on this topic?
Because ABLE Accounts have set government regulations due to the tax benefits, National Disability Institute (NDI) and other supporters have set up a collaborative called ABLE National Resource Center. This website Click Here, shares the availability and how the ABLE accounts can benefit individuals with disabilities and their families through short videos or webinars and other resources.
When looking for this service are there any questions or observations you would recommend parents to investigate before selecting a provider?
The ABLE National Resource Center website offers visitors a tool to compare up to three ABLE programs at a time. This comparison tool helps people compare and contrast various ABLE programs based on a number of different characteristics that we think potential ABLE account owners may want to take into consideration. Use the comparison tool to help you choose the ABLE program that is right for you.
ABLE National Resource Center
Written by: Iris Neil[/vc_column_text][/vc_column][/vc_row]