By: Stephanie Hoffer
The ABLE Act is finally a reality for residents with qualifying disabilities in all 50 states, who now may open tax-preferred savings accounts through Ohio’s Stable Account program. The ABLE law, which I’ve previously covered on this blog and for TaxProf, allows individuals with disabilities to save money in tax-preferred savings accounts without jeopardizing their eligibility for Medicaid and other programs that make life in the community possible. As I have previously written, with the ABLE account, Congress has provided not only a tax advantage that may offset some of the cost imposed by society on individuals with disabilities, it also has taken a first step toward treating them like adults whose dignity and autonomy matter. Congratulations to the State of Ohio and to Treasurer Josh Mandel’s team for making the law a reality.
Bravo to you for your fearless advocacy on behalf of our differently-abled friends, family, neighbors, and colleagues. Thank you for standing up, speaking out, and engaging in making a difference in the lives of countless Americans. You are the change I wish to see in the world.
LikeLike
Coming from you, this really made my day. Thank you, Francine!
LikeLike
How can families in other states start accounts now?
LikeLike
Tara, thanks for your question. You can register online at http://www.stableaccount.com. The state’s website is pretty user-friendly.
LikeLike