If your child is disabled, consider setting up a tax-advantaged Achieving a Better Life Experience (ABLE) account. Currently, ABLE accounts allow people who became disabled before age 26 to save money without harming their eligibility to receive Medicaid or Social Security benefits. Account owners, family members and friends can contribute to an individual’s ABLE account, up to $18,000 from all sources in 2024. That said, account owners who reach that limit may be able to contribute more, thanks to the ABLE to Work Act. It allows contributions up to the lesser of the previous year’s federal poverty guideline amount or the account owner’s annual income. Contact us to learn more.
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