[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.rizklaw.com\/blog\/the-529-able-act-to-secure-a-future-for-those-with-disabilities\/#BlogPosting","mainEntityOfPage":"https:\/\/www.rizklaw.com\/blog\/the-529-able-act-to-secure-a-future-for-those-with-disabilities\/","headline":"The 529-ABLE Act: to Secure a Future for Those with Disabilities","name":"The 529-ABLE Act: to Secure a Future for Those with Disabilities","description":"The purpose of the 529-ABLE Act is to provide a tax\u2010deferred savings vehicle for persons with disabilities. It would help those with disabilities and their parents and caregivers, allowing them to put money into tax-deferred savings plans like the 529 plans that parents use to save for college. 529-ABLE accounts would be especially helpful for...","datePublished":"2014-05-16","dateModified":"2024-05-22","author":{"@type":"Person","@id":"https:\/\/www.rizklaw.com\/blog\/author\/rizklaw\/#Person","name":"Rizk Law","url":"https:\/\/www.rizklaw.com\/blog\/author\/rizklaw\/","identifier":9,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/10e23ce5e6c4dadb4589cd8edf2c3f59ac356a6e876c3656917777913d9c3bc1?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/10e23ce5e6c4dadb4589cd8edf2c3f59ac356a6e876c3656917777913d9c3bc1?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Rizk Law","logo":{"@type":"ImageObject","@id":"https:\/\/www.rizklaw.com\/wp-content\/uploads\/2024\/03\/rizk-law-logo-footer.jpg","url":"https:\/\/www.rizklaw.com\/wp-content\/uploads\/2024\/03\/rizk-law-logo-footer.jpg","width":278,"height":65}},"image":{"@type":"ImageObject","@id":"https:\/\/www.rizklaw.com\/wp-content\/uploads\/2024\/03\/Richard-Rizk-headshot.jpg","url":"https:\/\/www.rizklaw.com\/wp-content\/uploads\/2024\/03\/Richard-Rizk-headshot.jpg","width":383,"height":427},"url":"https:\/\/www.rizklaw.com\/blog\/the-529-able-act-to-secure-a-future-for-those-with-disabilities\/","about":["Personal Injury"],"wordCount":358,"articleBody":"The purpose of the 529-ABLE Act is to provide a tax\u2010deferred savings vehicle for persons with disabilities. It would help those with disabilities and their parents and caregivers, allowing them to put money into tax-deferred savings plans like the 529 plans that parents use to save for college. 529-ABLE accounts would be especially helpful for parents who have a child with disabilities that require intensive, expensive forms of care and wonder what will happen after they die.Who Qualifies for a 529-ABLE Plan?529-ABLE Plans would be easier and less expensive to set up and maintain than a trust fund, and would be available to anyone at any age with a medically determined physical or mental impairment which results in marked limitation or can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months or to anyone who is blind.Are Assets in a 529-ABLE Account Taxed?Assets in a 529-ABLE account could be accumulated, invested, grown and distributed free from federal taxes, as long as they are used to pay qualified expenses, such as:EducationHousingTransportationEmployment SupportHealth Prevention and WellnessAssistive Technology and Personal SupportCan a Disabled Person Have a 529-ABLE Plan and Work?An individual with a disability can work and maintain a 529-ABLE Plan as long as the individual meets the definition of disability and is engaged in substantial gainful activity.Can an Individual Have More Than One 529-ABLE Plan?There are no limits on the number of 529-ABLE Plans per beneficiary.Would a 529-ABLE Plan Effect an Individual\u2019s SSI or Medicaid Benefits?There is no impact on a beneficiary\u2019s federal benefits, including SSI and Medicaid, if he\/she is the beneficiary of a 529-ABLE account, until his\/her total combined assets, including funds in that person\u2019s 529-ABLE account, exceed $102,000.Can a 529-ABLE Account of a Deceased Beneficiary be Transferred to Another Beneficiary?Upon the death of a 529-ABLE beneficiary, the account could be rolled over to another beneficiary without a taxable event if the beneficiary is the spouse or another qualified individual."},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/www.rizklaw.com\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"The 529-ABLE Act: to Secure a Future for Those with Disabilities","item":"https:\/\/www.rizklaw.com\/blog\/the-529-able-act-to-secure-a-future-for-those-with-disabilities\/#breadcrumbitem"}]}]