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Gray & Feldman Legal Blog

 

George H. Gray

Proposed Changes to ABLE Accounts are moving through Congress.

Later this year, persons with a disability will be allowed to establish a savings account.

ABLE Accounts are ComingLater this year, persons with a disability will be allowed to establish a savings account called an “Achieving Better Life Experience,” or ABLE Account. These accounts will allow a person with a disability to set aside up to $14,000 per year to be used for the purpose of meeting the “qualified disability expenses.” Included among these qualified expanses are the costs of education, housing, transportation, employment training and support, assistive technology and health, prevention and wellness.

Under a bill known as the “ABLE to Work Act,” now headed for the full Senate, people with disabilities who are employed will be allowed to save their earnings up to the federal poverty level — currently $11,770 for a single person — in their ABLE accounts above and beyond the existing cap, nearly doubling their annual savings allowance.

More on this bill and other legislation of interest to disability advocates can be found in a blog posting by “Disability Scoop.”

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