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ABLE (Achieving a Better Life Experience) Account

Contents

  1. Decoding ABLE Accounts: A Comprehensive Guide
  2. What Exactly is an ABLE Account?
  3. How ABLE Accounts Operate: Navigating the Landscape
  4. The Genesis of ABLE Accounts
  5. Tax Reform and ABLE Accounts
  6. ABLE Accounts vs. Trusts: Evaluating Options
  7. Comparing ABLE Accounts and Trusts

Unlocking Financial Freedom: Understanding ABLE Accounts

Decoding ABLE Accounts: A Comprehensive Guide

What Exactly is an ABLE Account?

Dive into the world of ABLE (Achieving a Better Life Expectancy) accounts, tax-advantaged savings vehicles designed to support individuals diagnosed with significant disabilities before turning 26. Learn about contribution limits, tax benefits, and eligibility criteria for these specialized accounts.

How ABLE Accounts Operate: Navigating the Landscape

The Genesis of ABLE Accounts

Explore the origins of ABLE accounts, established by the 2014 Achieving a Better Life Experience (ABLE) Act, aimed at assisting disabled individuals in maintaining public benefits such as Supplemental Security Income (SSI) and Medicaid. Discover the similarities between ABLE accounts and 529 plans, along with the unique features of these savings vehicles.

Tax Reform and ABLE Accounts

Understand the impact of the Tax Cuts and Jobs Act on ABLE accounts, including changes to contribution limits and eligibility criteria. Learn about the Tax Cuts and Jobs Act provisions that enable ABLE account beneficiaries to benefit from the Saver’s Credit and facilitate rollovers from 529 college savings accounts.

ABLE Accounts vs. Trusts: Evaluating Options

Comparing ABLE Accounts and Trusts

Delve into the differences between ABLE accounts and special needs trusts, traditional tools used by families to secure the financial future of individuals with disabilities. Explore the advantages and limitations of each option and learn how families can leverage both to achieve their financial goals.