New Jersey Launches NJ ABLE Program

Public Law 113–295, also known as The Stephen Beck, Jr. Achieving a Better Life Experience Act (ABLE Act), was enacted December 19, 2014. The ABLE Act provides individuals with special needs and disabilities to save money for disability related expenses in tax-free savings accounts while preserving their needs-based government benefits. Modeled on 529 college savings plans, ABLE accounts are intended to assist individuals with disabilities and their families to save private funds to supplement benefits provided through private insurance, Medicaid, supplemental security income (SSI), employment, and other sources. Establishing an ABLE account allows beneficiaries to save money for disability related expenses while maintaining eligibility for means-tested Federal benefit programs. Money saved in an ABLE account will not affect an individual’s eligiblity for SSI (up to $100,000) and will allow the beneficiary to maintain eligibility…

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