by Thomas D. Begley, Jr., Esquire, CELA<\/p>\n

On December 16, 2014, Congress enacted and the President has signed an Act known as Achieving a Better Life Experience (ABLE) Act of 2014.[1]<\/a> This Act is to provide a tax-favored account, similar to a 529 Plan, for individuals with disabilities to pay for qualified expenses. Highlights of this Act are as follows:<\/p>\n

State Established or Contracted. <\/em>Each state is authorized to establish and operate an ABLE program. This must be done by each state before these accounts can be opened in that state. States may contract with other states to operate these programs.<\/li>\n

Contributions into an account may be made by any person, but are not tax deductible.<\/li>\n

Contribution Limit. <\/em>Total annual contributions by all individuals to any one ABLE account are limited to the gift tax annual exclusion amount, which is $14,000 for 2015. The annual exclusion amount is indexed to inflation. Unlike the gift tax, (more…)<\/span><\/a><\/li>\n<\/ul>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
by Thomas D. Begley, Jr., Esquire, CELA On December 16, 2014, Congress enacted and the President has signed an Act known as Achieving a Better Life Experience (ABLE) Act of 2014.[1] This Act is to provide a tax-favored account, similar…<\/span><\/p>\n
Read more ›<\/a><\/div>\n
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