THE ABLE ACT: New Financial Planning Tool for the Disabled.

In 2014, Congress  passed a new law that will change the lives of millions of people living with disabilities. Achieving a Better Life Experience, otherwise known as the ABLE Act will allow those living with disabilities to establish tax-exempt savings accounts that will not be counted against them when qualifying for government assistance, such as Medi-Cal and SSI. In the past, disabled persons were limited to no more than $2,000 in assets in order to qualify for these assistance programs, essentially forcing them to live in poverty or give up their government assistance. By passing the ABLE Act, Congress has recognized the increased financial needs of those living with a disability.  California has recently passed enabling legislation that will allow the ABLE Act to assist California residents. People who already meet the SSI and/or SSDI disability standards will automatically qualify, given that the onset of their disability occurred before the age of 26. The accounts will work


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