Friday, November 16, 2012
Disability advocates are pushing Congress to pass legislation before the year ends that would offer a new way to save money without jeopardizing government benefits. Currently, disabled individuals cannot have more than $2,000 to their name without sacrificing government benefits. The ABLE Act aims to change this by allowing disabled individuals to create a special savings account where they can accrue up to $100,000 without losing access to social security or Medicaid. Three dozen national organizations are backing the effort to support the ABLE Act legislation.
See Michelle Diament, Congress Urged To Create Tax-Free Disability Savings Accounts, disability scoop, Nov. 13, 2012.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.