As discussed in earlier blog posts, the Achieving a Better Life Experience (ABLE) Act was signed into law in December 2014. Under the ABLE Act, a so-called ABLE account can be established for a disabled individual. The mechanics are very similar to 529 college savings plans. As opposed to saving for college, the ABLE account
ABLE account
The ABLE Act
By Mary Browning on
Although the Achieving a Better Life Experience Act (or ABLE Act) was signed into law on December 19, 2014, many states have been waiting to offer ABLE accounts authorized by the Act until the IRS published regulations. The IRS just published proposed regulations last week for these ABLE accounts. The New Jersey legislature has proposed…