The ABLE Act of 2014 received a great deal of fanfare when it passed in December. But what, many parents of kids with special needs are wondering, does it actually do? How can it stretch savings for our kids with disabilities? And who can we consult to find answers to our questions as time goes on? Because I’m not a special needs attorney or financial expert, I won’t attempt to answer those questions. Instead, I’ll point you to resources that provide better answers than I can.
What Does the ABLE Act of 2014 Do?
To find answers, reading a government summary of the ABLE Act of 2014 is a good place to start. But, if that little peek doesn’t answer all your questions–which it’s not meant to do–here are a few articles written since the bill passed. They do an excellent job of clarifying the vocabulary and highlighting the main points of what the bill does.
- The National Down Syndrome Society answers 10 important questions about the Able Act of 2014 and provides a timeline concerning the status of the act.
- To get a better handle on the terminology in the act and comparisons and contrasts between Special Needs Trusts and the ABLE Act, read through The ABLE Act of 2014 Explained written by the good folks at Special Needs Parenting Magazine.
- Finally, an article by Justin King at Vox takes a close look at the benefits and limitations of the act in What You Should Know about the ABLE Act.
Who to Consult about the ABLE Act of 2014?
While articles are a good place to begin research about the ABLE Act, they aren’t the place to end it. Before making any decisions, parents should consult a financial planner or investment professional who has extra training in special needs matter or a special needs trust attorney. You can begin the search at Special Needs Alliance. This non-profit organization offers a broad variety of special needs financial articles and has a state by state special needs attorney locator.
What Have You Learned about the ABLE Act of 2014?
Perhaps you’ve already begun researching the ABLE Act and can point readers to more resources. Please feel free to share what you know in the comment box. We’ve all got a lot to learn.
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