Create an ABLE Account If You Have a Disabled Child
If you are the parent or guardian of a child with a disability, you know the additional costs of raising a child in this situation. The Better Life Experience Act (ABLE) allows you to create a tax-free savings account for your child without jeopardizing other government assistance.
Prior to this law, it was not possible to save more than $ 2,000 a year without risking participating in other government aid programs. These accounts operate like a 529 plan that allows friends and family to deposit up to $ 14,000 per year. As with 529 plans, states regulate the specifics of ABLE accounts.
For details on how to create an account, you will need to check with your government agency for persons with disabilities. Read the details here.
10 Things You Need to Know About the ABLE Law | Autism Speaks Through Forbes