In Connecticut, individuals with disabilities and their families have access to a special savings account called the ABLE Account Connecticut. This account allows them to save up to $14,000 per year without affecting government benefits, such as Medicaid.
The ABLE Act, which stands for Achieving a Better Life Experience, was passed in 2014 to provide tax-free savings options for individuals with disabilities. This act allows people with disabilities to save and invest money without losing their government benefits.
The ABLE Act has been a game-changer for many families, providing them with a way to save for the future without sacrificing essential benefits.
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What is the ABLE Act?
The ABLE Act is a law that aims to improve the lives of people with disabilities in Connecticut and beyond. It's officially known as the Achieving a Better Life Experience Act.
The ABLE Act is designed to help individuals with disabilities save and invest money without losing government benefits. This is a game-changer for many people who rely on these benefits to get by.
The law allows eligible individuals to open an ABLE account, which can be used to save for expenses related to their disability. This can include things like education, employment, and living expenses.
ABLE accounts are a great way for people with disabilities to take control of their financial futures. They offer a tax-free way to save and invest money, which can be a huge relief for those who are struggling to make ends meet.
Connecticut Programs
Connecticut Programs offer a range of benefits for residents.
The ABLE Account Connecticut program is designed for individuals with disabilities, allowing them to save up to $15,000 per year tax-free.
In Connecticut, individuals with disabilities can save up to $15,000 per year in an ABLE account, which is more than the federal limit of $14,000.
The Connecticut ABLE program has no age limit, meaning that individuals can open an account at any time.
ABLE accounts in Connecticut can be used to save for qualified disability expenses, such as education, housing, and transportation.
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Frequently Asked Questions
What qualifies you for an ABLE account?
To qualify for an ABLE account, you must have developed a disability before age 26 and lived with it for at least a year, or expect it to last that long. This eligibility applies to individuals who meet these specific criteria.
Sources
- https://portal.ct.gov/OTT/About-the-Treasury/ABLE-Act
- https://www.savingforcollege.com/529-plans/connecticut/connecticut-able-ct
- https://www.crameranderson.com/able-disabilities-savings-act-goes-online-in-connecticut/
- https://www.attorneykarpe.com/disability-trusts-able-savings-in-connecticut/
- https://generisonline.com/able-accounts-in-connecticut-a-disability-savings-plan/
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