Achieving a Better Life Experience (ABLE) accounts are now available in New Jersey. This is a positive development, but ABLE accounts are not singular tools for long-term financial and benefits planning for a person with a disability. Due to the various limitation of ABLE accounts, it will typically be much more advantageous for families to create a special needs trust, particularly for inheritances.
Archive for the tag 'ABLE Accounts'
ABLE accounts are similar to 529 accounts for college savings and will have the same tax advantages as 529 savings accounts; except ABLE accounts are designed to create “tax-free” savings accounts for individuals with disabilities. ABLE accounts will be funded with “after-tax” money, but the earnings in the account will not be subject to Federal income tax (although the earnings may be subject to state income tax).
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Hinkle, Prior & Fischer attorneys are available to speak to your organization or constituents on a wide variety of relevant disability topics. 