The Federal ABLE Act
On December 19, 2014, the Achieving a Better Life Experience (ABLE) Act was signed into law. This federal law will give many people who acquired disabilities prior to the age of 26 the ability to open tax-exempt bank accounts without losing eligibility for federal means-tested benefits. Funds in these accounts can be used for disability-related expenses. Eligible individuals must open an account in their state of residence, and most states are still working to set up programs to administer these accounts.
To learn more about how the ABLE Act will be implemented in Maryland, and about the Maryland Task Force, visit the ABLE Act Taskforce information page via the MD Department of Disabilities website.
