If you have a loved one with special needs, then you should know about the ABLE (Achieving a Better Life Experience) Act, which was signed into Indiana law last week.
The ABLE Act is a significant piece of legislation. It creates a savings program for Hoosiers to allow them to more fully provide for their loved ones with special needs, saving money for disability-related costs without putting their other benefits at risk.
ABLE accounts are similar to college choice 529 direct savings plans. They’re meant to ease financial strain by making tax-free savings accounts available for expenses like education, housing, health care and transportation.
These accounts can be used as a supplementary option to a more comprehensive and individually-tailored estate plan.