Families with disabled children face a host of obstacles in ensuring the long-term care of their loved one. There are tools and resources available to help facilitate that care for the future. One potential tool is known as an ABLE account. In 2014, Congress enacted a law allowing qualified individuals to establish ABLE (Achieving a Better Life Experience) Account. These accounts give favorable tax treatment to contributors and beneficiaries, alike. Families of children who suffered a disabling condition prior to the age of 26 should consider creating an ABLE account.
As of this post’s publication, Wisconsin does not have its own ABLE account program, but Wisconsin residents may establish an ABLE account through another state’s program. Minnesota launched its own ABLE program at the end of January 2017. Continue reading