In an article published on Sept. 25, 2015, Jamie Canup offers his opinion on the prospective problems with the new tax-advantaged savings account established by law under the ABLE Act. Due to the immense amount of requirements necessary for reporting, many believe that the accounts will be expensive to maintain. Canup explains, “Someone has to set up these accounts and make them cost-effective.” Additionally, any money left over in the accounts after a beneficiary’s death will be used to reimburse Medicaid expenses. Canup believes “that is probably going to have a chilling effect on the amount of money people put into these accounts.” For the full article, you may click here.
Stephanie A. Hood