Dana F. Cole & Company LLP

Creating a Tax-Advantaged ABLE Account for a Loved One with a Disability

The Achieving a Better Life Experience (ABLE) Act of 2014 allows states to set up ABLE account programs, which are similar to state-run Section 529 college savings programs. That is, you can establish a tax-favored ABLE account to cover qualified disability expenses of a family member or loved one who's named as the designated account beneficiary. Here's how you can take advantage of this tax-advantaged opportunity.