Betty Lochner
Chair of the College Savings Plans Network & Director of Washington’s Guaranteed Education Tuition (GET) Program.
December 18, 2014<
The US Senate has passed the ABLE (Achieving a Better Life Experience) Act of 2014 after this same legislation recently advanced through the US House of Representatives ( see Wall Street Journal article). Now the legislation goes to the President for his approval and is expected to be signed into law before the end of 2014. If written into law, the changes become effective for investors in 2015.
ABLE is proposed federal legislation that would allow families and individuals to save through a Federal tax-advantaged account for future qualified expenses associated with the care of a person with a disability. Qualified expenses are those related to the individual’s disability, including health, education, housing, transportation, training, assistive technology, and personal support.