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For individuals with disabilities, managing finances can often be a complex task. Fortunately, the Achieving a Better Life Experience (ABLE) Act has paved the way for a powerful financial tool – ABLE accounts. These accounts are specially designed to help individuals with disabilities and their families save for the future without jeopardizing essential benefits. Texas is 1 of 46 states (and the District of Columbia) offering ABLE programs. In Texas, ABLE accounts offer a range of benefits making them a valuable resource for many.
An ABLE account is a tax-advantaged savings account for individuals with disabilities. These accounts provide a way to save and invest money without affecting an individual’s eligibility for crucial government benefits like Supplemental Security Income (SSI) and Medicaid.
To be eligible for an ABLE account in Texas, individuals must meet the following criteria:
The benefits of ABLE accounts include tax advantages, preservation of government benefits, control and flexibility, convenience and accessibility, and a range of eligible expenses.
Yes, it is easy when you follow these steps.
ABLE accounts are a game-changer for individuals with disabilities, offering a secure and tax-advantaged way to save for the future. In Texas, these accounts provide a range of benefits, from tax advantages to preserving essential benefits.
By understanding the eligibility criteria and taking the steps to open an ABLE account, individuals and their families may achieve financial stability and independence for individuals with disabilities while protecting their entitled government benefits.
Open your ABLE account today and unlock a brighter future. Here is a link where you can learn more about enrollment from the Texas Comptroller of Public Accounts: Texas ABLE
Savings Program for Texans with Disabilities.
The post What is an ABLE Account & How Are ABLE Accounts Beneficial? first appeared on GlavyLaw.
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