Should You Establish an ABLE Account? Understanding the Positives and Negatives

If you, or a family member, has a long-term disability, you have the ability to establish a tax-free savings account that can be accessed to pay for certain expenses without harming your ability to qualify for Medicaid and other means-tested government programs. This option was made available through the Achieving a Better Life Experience (ABLE) Act. Below is a list of some positives and negatives associated with ABLE accounts: Positives Associated with ABLE Accounts You can set up your own account with your own funds instead of relying on a parent or loved one to establish a first-party special needs trust. You can...