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4994 Lower Roswell Road NE, Suite 4, Marietta, GA 30068
Phone: 770-971-9141
Email: ifp@incompassfp.com
January/February 2024
Tax-favored Savings for a Disabled Family Member
Achieving a Better Life (ABLE) accounts are tax-advantaged savings accounts for individuals with disabilities and their families. Funds in the account can be used to pay for various qualified expenses without losing eligibility for government benefits, such as Supplemental Security Income (SSI) and Medicaid.
Who Is Eligible?
To be eligible for an ABLE account, individuals must have been diagnosed with a significant disability before age 26.Who can Contribute?
The beneficiary, the beneficiary’s family, and friends can contribute to the account. Contribution limits are tied to the annual gift tax exemption amount (currently $17,000). Disabled individuals who earn income can contribute that income to their ABLE accounts above the gift tax exemption limit.What Are Qualified Expenses?
Funds in an ABLE account are invested and potentially grow tax-free. Money can be used to pay for expenses such as basic living costs, education, housing, transportation, employment training, health care, assistive technology/services, financial management and administrative services, and legal fees.Consult your legal and financial professionals to learn more about ABLE accounts.
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Securities offered through Osaic Wealth, Inc., member FINRA/SIPC. Investment advisory services offered through Incompass Financial Partners, LLC. Osaic Wealth is separately owned and other entities and/or marketing names, products or services referenced here are independent of Osaic Wealth.
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