Set up a Tax-Favored ABLE Account for a Family Member with a Disability
Today, most states offer programs that allow you to establish a tax-favored account to cover the qualified expenses of a family member with a disability. These programs were authorized under the Achieving a Better Life Experience (ABLE) Act of 2014, and Congress has subsequently passed legislation that sweetens the deal. Read on to learn how ABLE accounts work and the tax advantages they can deliver.