On June 1, Ohio became the first state to offer ABLE accounts. These tax-advantaged savings accounts were authorized by the Achieving a Better Life Experience (ABLE) Act, which was signed into law on December 14, 2014. The accounts are authorized under Section 529 of the Internal Revenue Code, and permit individuals to set aside funds to be used for services related to their disability when certain requirements are met. The accounts are administered at the state level, so to offer ABLE accounts, states must set up a program to do so.
Many states are in the process of setting up their ABLE programs, and this month Ohio became the first with its STABLE program. The programs is available to qualified individuals nationwide, including those that reside outside the state, though the administrative fees are higher for non-residents.
More details on the STABLE program are available here. For more information on the ABLE Act, resources, and state-specific information, visit the ABLE National Resource Center, which ANCOR has joined to support.