ABLE Accounts: What They Are and What They Mean for your Family

Individuals with disabilities and their families have many options to set aside funds without jeopardizing eligibility for means-tested government benefits, but most of the options require the person with a disability to lose control over his or her own money. With the Stephen J. Beck Achieving a Better Life Experience (ABLE) Act, people with disabilities can once again control some of their own money. ABLE accounts are tax-deferred savings accounts, and while they will not replace other forms of planning for people with disabilities, there are advantages to adding it into an overall plan.