U.S. House Approves Tax-Free Disability Savings Accounts

Disability scoop
December 24, 2014

Under current U.S. rules, many individuals with disabilities can have no more than $2,000 in assets in order to qualify for needed government benefits. The approved bill, the ABLE Act, would dramatically alter that scenario, allowing people with disabilities to establish special accounts at any financial institution where they could save up to $14,000 annually under current gift-tax limitations. This would establish a new way for people with disabilities to save money without risking their government benefits.

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