The federal Achieving a Better Life Experience (ABLE) Act was signed it into law by President Obama on December 19, 2014. The ABLE Act changes the tax code to allow for tax-advantaged savings accounts for qualified individuals with disabilities to save for certain expenses, such as education and transportation. If properly managed, funds in an ABLE account will not jeopardize eligibility for critical federal benefits like Social Security and Medicaid.
Minnesota joined a consortium with eight other states to create and operate an ABLE Act program on January 31, 2017. With ABLE plans now available across the nation, Minnesotans with disabilities and their families will soon have another excellent way to save funds to enhance the individual’s future.
Find more information and open an ABLE account here.