What's New? ABLE Accounts

IRS recently issued a news release announcing Proposed Regulations that offer guidelines for new state-sponsored ABLE Accounts for People with Disabilities. The Achieving a Better Life Experience (ABLE) Act recognizes the special financial burdens faced by families raising children with disabilities. ABLE accounts are designed to enable people with disabilities and their families to save for and pay for disability-related expenses. It also permits a state to establish and maintain a new type of tax-advantaged savings program (under Section 529A of the Internal Revenue Code) for a qualified disabled person. Read more in The Gold Book, chapter ABLE Accounts.