From the San Francisco Mayor’s Office on Disability:
On December 16, the U.S. Senate passed the Achieving a Better Life Experience (ABLE) Act of 2014 by a vote of 76 to 16. First introduced in 2006, and subsequent sessions of Congress, the ABLE Act will allow people with disabilities (with an age of onset up to 26 years old) and their families the opportunity to create a tax-exempt savings account that can be used for maintaining health, independence and quality of life. In addition, ABLE accounts do not count towards the federally imposed asset limits to remain eligible for critical public benefits, thus creating greater financial independence for individuals with disabilities.
The National Disability Institute (NDI) has long advocated for the passage the ABLE Act as a critical path towards a better economic future for all people with disabilities. As the nation’s first nonprofit dedicated to improving the financial health and future of all people with disabilities, NDI has created a list of 10 items about ABLE accounts that individuals with disabilities and their families should know.