New Jersey Able Account Update
On June 18, 2018, The New Jersey Human Services Commissioner announced a new program to help individuals with disabilities through ABLE accounts which can now be opened in New Jersey. By opening an ABLE account in New Jersey, individuals with disabilities can save tax free for certain eligible expenses (qualified disability expenses) and the funds saved in the ABLE account will not be counted as assets for Medicaid and other benefit programs.
ABLE stands for “Achieving a Better Life Experience” and the Act authorizing these accounts was signed into law by President Obama in December 2014. The purpose of the law was to allow tax-free savings accounts to be set up by individuals with disabilities. Continue reading