ABLE | Law Firm Newswire

Harrisburg, PA (Law Firm Newswire) January 29, 2016 – The Internal Revenue Service (IRS) has relaxed its regulations for new accounts that will permit people with disabilities to save money without risking loss of their government benefits. In 2015, the IRS proposed rules governing how accounts created under the Achieve a Better Life Experience (ABLE) would function. However, the agency met with a considerable amount of opposition from disability advocates and state officials who stated that the proposed rules would be unduly onerous. In response, the IRS has issued preliminary guidelines pending release of the final regulations that include less […]


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Palo Alto, CA (Law Firm Newswire) February 9, 2015 – On January 1, 2015, a new federal law took effect, authorizing states to establish a new kind of tax-favored savings account for some special needs individuals. The Achieving a Better Life Experience (ABLE) Act created an account for special needs individuals that is similar, in some ways, to a 529 college savings account. A 529 ABLE account will allow special needs individuals and their families to save up to $100,000, which can be used for some living expenses, while still allowing the individual to qualify for Supplemental Security Income (SSI). […]


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Congress has passed a new law allowing individuals with disabilities and their families to create tax-free savings accounts. Virginia Beach, VA (Law Firm Newswire) December 18, 2014 – The Achieving a Better Life Experience or ABLE Act passed Congress and is expected to be signed by President Obama. The law allows family members of individuals with disabilities to deposit funds in special accounts, the income for which will remain tax-free, provided it is spent on qualified expenses such as housing, health care, education and transportation. “This is great news for people with special needs and their families,” said Andrew H. […]


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