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Great News for ABLE Accounts!

December 30, 2022 By //  by Ashley Clower

Great news for the ABLE accounts.  Thumbs up to the ABLE Age Adjustment Act (HR 4813/S 2704), which has recently been approved.  This bill increases from 26 to 46 the age threshold for tax-favored ABLE (Achieving a Better Life Experience) accounts. (ABLE accounts are designed to enable individuals with disabilities to save for and pay for disability-related expenses. To establish an account, an individual must have a qualifying impairment that began before the individual attained the age threshold.)  These changes will be effective January 1, 2026.

This means that people who sustain an injury later in life that leads to a disabling condition can now qualify for ABLE accounts.  Our office has received calls over the years, especially in the case of a person sustaining a Traumatic Brain Injury (TBI) at an age older than 26, which has previously led our office to explaining that an ABLE account was not available to the newly disabled person.  This Act will give a much broader range of people the ability to utilize an ABLE account.

If you have any questions about these new provisions or how to plan for disabilities sustained later in life, please do not hesitate to contact our office for assistance.

Filed Under: Estate Planning and/or Elder Law

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