By: McAndrews Law Offices P.C.
Published: March 21, 2017
McAndrews Law Offices is pleased to share that Pennsylvania will be officially launching the Pa ABLE Savings Accounts as of April 3, 2017! ABLE accounts are tax advantaged savings accounts, similar to 529 accounts, that are designed specifically to allow persons with special needs to save for their future and to promote their independence, while still maintaining their eligibility for essential public benefits, such as Supplemental Security Income (SSI) and Medicaid. Specifically, a person who was determined to be disabled before age 26 is eligible for an ABLE account. He or other persons may contribute monies (including earned income), up to $14,000 per year to an ABLE account for his benefit. The monies in the ABLE account grow tax free so long as they are used for qualified disability expenses, such as education, housing, transportation, health, and basic living expenses. These accounts will be a valuable and important tool in planning for the security and future of persons with disabilities. For more information on ABLE accounts, see our website at mcandrewslaw.com.