ABLE 529A: A New Option for Disabled Americans
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Understand regulations and requirements of being an ABLE provider as well as eligibility requirements for your clients.This topic will provide an overview of the Achieving a Better Life Experience (ABLE) statute found in Section 529A of the Internal Revenue Code by analyzing how and when ABLE accounts are used. The ABLE Act of 2014 paved the way for millions of disabled Americans to open tax-free accounts to help them save for their disability expenses. But the Act and the implementing regulations impose a number of requirements and limitations upon both providers and participants in connection with opening and maintaining an ABLE account. A comparison of ABLE accounts with other traditional alternatives will be particularly useful to practitioners.
AuthorsThomas J. Murphy, Murphy Law Firm, Inc.
Requirements to Establish an ABLE Account
Eligible Individual Status
Avoidance of Isms
Taxation of Accounts
Gift, Estate and Generation-Skipping Transfer Taxes
Rollover of Accounts
Status Upon Death of the Designated Beneficiary
Use of ABLE Accounts as an Alternative to Trusts