The ABLE Act

The federal Achieving a Better Life Experience (ABLE) Act was signed into law by President Obama on December 19, 2014. This bill will allow people with disabilities and their families to create tax-free savings accounts to use for their futures without risking the person’s eligibility for benefits. ABLE plans would function much in the way that 529 college savings plans do while accounting for the unique future needs of people with disabilities. Qualified expenses under ABLE plans would include:

 Education Housing
 Medical/dental care Transportation
 Assistive Technology Community supports
 Employment training
The Delaware Treasurer’s Office hopes to have ABLE accounts open and available in Delaware by January 2018.  For more information about ABLE accounts, click here.