ABLE accounts are the newest tool in the Special Needs Planning toolkit and are already making a difference for many families. These accounts are different from traditional Special Needs Trusts and are much easier to establish and maintain; however, they are not a panacea, and you should carefully evaluate if an ABLE account is the right choice for you.
The ABLE National Resource Center has a great piece that covers the basics on ABLE accounts.
Learn more here: ABLE Accounts: 10 Things You Should Know
Once you're finished with their article, don't hesitate to reach out with any questions or to discuss how an ABLE account can fit into your finances! We'd love to talk to you about how proper Special Needs Financial Planning can greatly benefit you and your loved one, and open the door to many strategies to provide for a successful future.
Mychal Eagleson, CFP®, AAMS® is the President of An Exceptional Life Financial, a firm that specializes in financial planning for teachers and families with special needs. He frequently writes and speaks on personal finance topics relating to these clients. Mychal also serves on the board of the Financial Planning Association of Greater Indiana as the Director of Public Relations & Social Media. To read more of his articles or learn about An Exceptional Life Financial please visit: www.anexceptionallifefinancial.com.