The US Senate passed this week (76 to 16) to approve the “ABLE Act” (Achieving a Better Life Experience) which will allow people with disabilities (with an age of onset up to 26 years old) and their families the opportunity to create a tax-exempt savings account that can be used for maintaining health, education, transportation, housing, independence and quality of life. Individuals will be able to now deposit up to $14,000 annually under current gift-tax limitations and accrue as much as $100,000 without risking eligibility for Social Security and other government programs.
Congress Passes ABLE Act: Major Victory for Persons with Disabilities and Their Families
by RIDDCouncil | Dec 19, 2014 | Community Living, Employment, Federal Laws & Legislation, Laws & Legislation, Life is Good, Money & Finances