DISABILITY SCOOP: Congress Eyes Changes To ABLE Act, Special Needs Trusts
The 2014 ABLE Act allows people with disabilities can establish special accounts where they can save up to $100,000 without jeopardizing Social Security and other government benefits. Currently $14,000 per year can be deposited in an account. Under new legislation known as the ABLE to Work Act, people with disabilities who are employed would be able to save their earnings up to federal poverty level in their ABLE accounts above and beyond the current cap.
In addition, in separate legislation, the ABLE Financial Planning Act would allow families to rollover money saved for an individual with a disability in a 529 college savings plan to an ABLE account.
