A bill for tax-free savings accounts for people with disabilities has been proposed in Congress.
The bill sponsored by Sen. Robert Casey, D-Penn., and Rep. Ander Crenshaw, R-Fla., would allow trusts to be created to pay for disability related expenses such as education, housing, health care and personal support services. The funds in the trust would not count against the individual’s maximum asset amounts to qualify for Medicaid and other government programs.
Called the Achieving a Better Life Experience Act of 2009 or the ABLE Act of 2009, the bill would create accounts similar to the 529 plans that currently exist to save for college. Up to $500,000 could be invested in the accounts, which would be tax-free in many cases. via disabilityscoop.com
More specifics of tax consequences and how it can be set up, if passed, are explained here, in the last two paragraphs.
No comments:
Post a Comment