Achieving a Better Life Experience: The ABLE Act of 2014

DE PERE, Wis. - March 26, 2015 - PRLog -- President Barack Obama signed the Achieving a Better Life Experience Act (https://www.congress.gov/bill/113th-congress/house-bill/647) ("the ABLE Act") into law on December 19, 2014.  The ABLE Act allows for people with disabilities to open tax-free savings accounts that are structured much like the 529 Education Savings Plans you see today.

The passing of the ABLE Act is quite significant given the substantial costs individuals with disabilities face, and how many disabled individuals reside in the United States.  Even after qualifying for government assistance, many necessary daily care needs aren't covered.  These tax-free savings accounts - ABLE Accounts, will help in funding those necessary care needs without interfering with government assistance program eligibility.  Disabled individuals will experience a quality of life that many have taken for granted.

As an elder care practitioner, it is important that you become familiar with the ABLE Act.  Fortunately, Stephen W. Dale, J.D., LL.M. (http://dalelawfirm.com/meet-the-team/), and Jeremiah H. Barlow, J.D. (https://www.linkedin.com/pub/jeremiah-barlow/2b/a25/aa1), of ElderCounsel (http://www.eldercounsel.com/) and WealthCounsel (http://www.wealthcounsel.com/) respectively, have collaborated in creating a thought paper regarding the ABLE Act.  The intent behind the paper was to educate those in the elder law and estate planning fields so that we all may focus on the real issue - the importance of planning for persons with disabilities.

The thought paper covers all the bases - what the ABLE Act accomplishes, who is eligible, when ABLE Accounts will be available, what it means from a planning perspective, and more.  Even though the state and federal regulations need to be established before ABLE Accounts can be created, why wait to educate yourself and your clients?

Read The ABLE Act Explained thought paper here (https://www.medicaidannuity.com/wp-content/uploads/2014/12/ABLE_Act_Thought_Paper.pdf).  ElderCounsel will also be holding a comprehensive webinar (http://www.eldercounsel.com/event_occurrence/?occurrence_id=1169&) on the same.