They’re Here…Florida ABLE Accounts

The Achieving Better Life Experience Act, or ABLE Act, was signed into law by President Obama in December 2014. ABLE updates the Internal Revenue Code to allow eligible individuals and their families to establish a tax-exempt savings account that allows for disbursements of income tax-free funds for “qualified disability expenses,” including education, transportation, housing, obtaining and maintaining employment, personal support services, assistive technology and health and wellness.

Should Your Child With Special Needs Have a College Savings Account?

This is a common question for parents of kids with special needs, particularly when the individual is very high functioning and has aspirations to attend college. In some cases, a family member may have established a college plan for the child without understanding the possible effect the account can have on the child’s eligibility for government benefits, including Supplemental Security Income (SSI).