The Achieving a Better Life Experience (ABLE) Act was passed in 2014. The ABLE Act is intended to help people who were disabled before turning 26 set up an account that would let them accumulate funds to pay for qualified disability expenses without risking their eligibility for certain federal benefits. This article describes some of the benefits that an ABLE account can provide for people with disabilities. It is important to be aware of the rules and regulations that go with having an ABLE account. These accounts are administered by State government so it is a good idea to speak with an experienced estate planner about the local requirements and regulations. Setting up an ABLE account can be a great estate planning tool if done properly.
See Amos Goodall, Elder Law: Understanding the ABLE Act, Centre Daily Times, January 9, 2016.
