Now that President Obama has signed the ABLE Act into law, the National Disability Institute has six steps you can take to become ABLE account ready.
To review, ABLE accounts are tax advantaged savings accounts for eligible individuals with significant disabilities, which will become a new financial planning option in 2015. Income made on dollars saved is tax free when placed in an ABLE account and used to reimburse for qualified expenses as diverse as housing, employment, transportation, health care and technology expenses.
So how can you plan ahead for you, your child or other family member when ABLE accounts become available later in 2015? Here’s how in six steps.