ABLE Accounts Update: New Rules for 2019

By Rachel Johnston, Esq., Littman Krooks LLP ABLE Accounts are designed for individuals with disabilities to assist them in saving money and accumulating a savings account without jeopardizing their access to government benefits. Achieving a Better Life Experience (ABLE) accounts have been for a few years. Accounts holding up to $100,000 maintain eligibility for Supplemental Security Income, and Medicaid eligibility is never effected.  The funding limits for ABLE accounts have remained consistent with the Federal gift tax exclusion, which is currently $15,000. The IRS has rolled out a new expansion of the ABLE accounts and the ability to adapt with families’ growing needs. Now individuals with disabilities who are employed can also contribute their income and wages into an ABLE account up to $12,140 per year for those in the continental U.S. provided they do not have a employer-contributed workplace retirement plan available. Another big update to the ABLE…

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