MSU Extension Office: Tax-Free Savings Accounts for Disabled Individuals

The Achieving a Better Life Experience Act (ABLE) became federal law on December 19, 2014. The Montana legislature the passed an act by the same title. An ABLE is a savings account allowing a person with a disability to save money without risking a decrease in state and federal benefits. The law aims to ease financial strains faced by individuals with disabilities by making these tax-free saving accounts available to cover qualified disability expenses.

The designated beneficiary of an ABLE account is the individual who owns the ABLE account. To be eligible the person must be:

• receiving...