The ABLE Act creates tax advantaged savings accounts for individuals with disabilities, which in most cases will not jeopardize means tested government benefits such as Medicaid and Supplemental Security Income (SSI). However, there are a number of limitations.
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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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