In a Reuters article published on Jan. 17, 2018, Jamie Canup provides advice for families who are eligible for ABLE savings accounts, which help individuals with disabilities and their families manage their finances and plan for disability-related expenses. Like a Roth IRAs or a 529 college savings plan, an ABLE account allows people to contribute after-tax money without paying taxes on growth if they withdraw it to cover disability-related expenses. In the article, Canup discusses the state and federal laws that regulate these accounts. “Still, be aware… that if there is money left in an ABLE account after a disabled person dies, governments can take it to cover some of the individual’s Medicaid costs,” he advises. “Some states do not claw back the funds, but the federal government says they can.” To view the full article, click here.
Stephanie A. Hood