Tag Archives: tax-free
ABLE Act Passes Senate, Will Become Law and Help Those Kids Who Suffer Long-Term Effects of Concussions
Those who suffer debilitating concussions or brain injuries on the playing field will get some relief after the United States Senate passed the bipartisan Achieving a Better Life Experience (ABLE) Act earlier this week.
ABLE will make it easier for Americans with disabilities to save for their long-term care. The legislation, which has been described as, “the broadest legislation to help the disabled in nearly a quarter-century,” would allow families with children who have disabilities to open up 529-style tax-free savings accounts for them to build wealth and financial independence.
“Americans with disabilities deserve every opportunity to build a brighter future and the financial stability to ensure independence and self-determination,” said U.S. Senator Chris Coons (D-Del.), who was an original co-sponsor of the bill. “For too long, families of children with disabilities have faced the choice between federal benefits to help care for their child and saving for their child’s future. When the President signs the ABLE Act into law, families will be able to ensure their children will grow up with the means to provide for themselves while also meeting their current needs. They will no longer need to choose between their family’s present and their child’s future. The fight for the ABLE Act is one I’ve been proud to be a part of. I know many families in Delaware who will benefit from this law, and am proud to have played a small role in something that can make a huge difference in their lives.”