ABLEnow is the acronym for Achieving a Better Life Experience. This has been signed into federal law as the ABLE Act authorizing states to establish ABLE savings programs for people with disabilities, their families and advocates. The intended ABLEnow objective is more independence, greater financial security and a better quality of life for individuals with disabilities.
It’s a new way to help the disabled save money and pay for qualified disability-related expenses. People with disabilities now have the opportunity to save money for today’s needs or to invest for tomorrow. Similar to VA529 plans, ABLEnow plans are simple, affordable tax-advantaged accounts to save up to $14,000 a year without endangering eligibility for means-tested benefit programs such as Medicaid and Supplemental Security Income (SSI).
Earnings grow free from both federal and Virginia income taxes. Additionally, there is an annual state income tax deduction of up to $2,000 per Virginia resident contributor for contributions to an ABLEnow account.
Click Here to learn more. You can take a quiz to see if you qualify, review examples of expenses covered and your investment options.