Autism Parenting Magazine Issue 74 (Member's Dashboard) - Page 64

FINANCIAL PLANNING Changes to the ABLE Account Rules You Need to Know By Ryan F. PLATT, MBA, ChFC, ChSNC Could you describe the changes in the ABLE account rules that were brought about by the new federal tax legislation? A s most of you know, the ABLE Act was passed at the end of 2014 and paved the way for individuals diagnosed with disabil- ities before the age of 26 to save money without the danger of forfeiting eligibility for government benefits such as Supple- mental Security Income (SSI) and Medic- aid. Two concerns that disability organizations, families, individuals, and professionals discovered were:  The annual funding limit ($15,000 in 2018)  The lack of an ability to transfer existing 529 college savings plans to ABLE accounts with- out penalty Disability community advocates, almost immediate- ly, began lobbying for these items to be addressed in some form or fashion. The community realized that individuals with disabilities who did work did not have the flexibility needed to save more money especially if other family members were also contrib- uting to their ABLE accounts. The community also realized that many families had begun 529 college savings accounts before their children were diag- nosed or because their children were academically successful; however, when the children were unable 64 | Autism Parenting Magazine | Issue 74