Updates on the ABLE Act

There are a lot of good things coming for those who are eligible and decide to open an ABLE account.

“A year ago, Congress created the 529 ABLE account, a savings vehicle for disabled people that offers the same tax-free growth available in 529 college-savings plans. Now, thanks to a tax law passed last month, consumers eligible to open a 529 ABLE account will be free to select a plan sponsored by any state, rather than being restricted to their home state’s plan.

That change will make it possible for people across the country to start one of these accounts as soon as the first state program opens for business-something that is likely to happen in the coming months.

Over time, experts expect there to be competition among states to attract out-of-state residents to their 529 ABLE programs, which may result in lower fees and better investment options for consumers.”

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