A PA ABLE account gives individuals with qualified disabilities (Eligible Individuals), and their families and friends, a tax-free way to save for disability-related expenses, while maintaining government benefits. Federal and state law authorized the creation of PA ABLE accounts. Contributions Contribute up to $15,000 each year. This federal limit may be adjusted each year based on inflation and may be exceeded by account owners who are employed. See the FAQs for additional information. Families and […]
Tag: ABLE ACCOUNT
WEBINAR: Qualified Disability Expense Fundamentals
Thursday, December 13, 2018 – 2:00-3:30 p.m. ET An ABLE account offers an opportunity for qualified individuals with disabilities to save for a better life experience. It gives all qualified individuals who have a disability a way to save money. For those individuals who receive a means-tested benefit, it offers a way to save without jeopardizing these benefits. The savings in an ABLE account may be used tax-free on a variety of qualified disability expenses […]
A New Option For Saving For Your Child’s Future: Able Account
BY LAUREN AGORATUS, M.A. Many families have heard about “special needs trusts” (SNTs) for their children with disabilities (see Resources.) SNTs allow parents to save funds yet have it not affect their child’s eligibility for benefits by saving a certain amount. However, some families can’t afford an attorney to set up a SNT. Now the ABLE (Achieving a Better Life Experience) Act provides an alternative or even supplement for SNTs. HOW DOES AN ABLE ACCOUNT […]