On December 19, 2014, the President signed into law the Achieving a Better Life (ABLE) Act of 2014, which allows for disabled persons to have limited savings accounts, without jeopardizing any governmental benefits received by that disabled person. The Treasury is to create regulations with respect to ABLE act accounts. The ABLE account is intended to be similar to a 529 Plan. There is a limit on what can be contributed to the account, but the disabled person would have the ability to withdraw monies from the account to meet his or her needs on an on-going basis.
In January 2015, Congress renamed the bill as the Stephen Beck Jr. Achieving a Better Life Experience Act of 2014 in memory of the late Stephen Beck. Mr. Beck spearheaded the passage of the ABLE legislation, which he hoped would ultimately benefit of his own Down’s syndrome daughter. He died unexpectedly in December 2014, days before Congress overwhelmingly passed the ABLE Act of 2014.
If you believe that you qualify for the ABLE Act, contact an experienced attorney who can explain the qualifications and benefits you will receive. The attorneys at the Law Offices of Hunziker, Jones & Sweeney are knowledgeable regarding the ABLE Act and provide skilled and reliable representation clients can count on in New Jersey. Call (973) 256-0456 for a consultation.