ABLE Account Information

ABLE accounts and special needs trusts can accomplish the same goals, but each has its advantages and limitations. The best approach, depending on the beneficiary, may be to use them in tandem.

More than six million people whose disabilities arose later in life will be able to open ABLE savings accounts if a bill just reintroduced in Congress, the ABLE Age Adjustment Act, becomes law.

Recipients with disabilities who rely on government benefits may want to consider putting some or all of the $1,400 relief money into an ABLE account.

ABLE accounts are proving to be less of a savings vehicle and more of a game-changer that allows beneficiaries of programs like SSI to pay for their own living expenses and achieve an unprecedented level of independence.

The IRS has released final regulations on tax-free savings accounts that allow people with disabilities to pay for disability-related expenses without jeopardizing government benefits.

When an SSI beneficiary finds out that they will receive an inheritance, their first reaction may be to refuse it. But this refusal, also known as a "disclaimer," might worsen things for the beneficiary.