The ABLE Act Q&A

UPDATE: The ABLE Act is starting to get implemented. Virginia is the first state.   On Friday, the President signed into law the ABLE act of 2014. ABLE stands for Achieving a Better Life Experience. The bill amends the Internal Revenue code of 1986 to establish tax-free ABLE accounts for the longterm care of family members with disabilities. ABLE will now allow for tax-free savings accounts similar to the 529 college savings program. Most importantly, the ABLE act supplements other government assistance programs it does not replace them. Believe it or not, before this tax code change, individuals with disabilities were discouraged from [...]