What should you know about ABLE savings accounts for your loved ones with special needs?

special needs trust in PAThere is new legislation that allows for a family that has a loved one with special needs to set up an ABLE Savings Account.  The Stephen J. Beck, Jr. Achieving a Better Life Experience Act (ABLE Act) was signed into law in December 2014.  This law allows states to create their own ABLE programs.  Previously, Special Needs Trusts were the only way a family could save money for a special needs individual without losing eligibility for SSI and Medicaid benefits.  But now with the availability of ABLE Savings accounts, families have another option to save for their disabled loved one’s future.

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