Good news: On May 10th Massachusetts launched its ABLE program, named The Attainable Savings Plan, to allow people who become disabled to save money, tax-free, and have more financial freedom than they have had in decades.
An ABLE account allows donors to put up to $14,000 into the account per year, to grow tax-free. Even more important than the tax benefits, the money in the account, up to $100,000, is not counted when determining eligibility for Supplemental Security Income (“SSI”) and MassHealth. In other words, a person can have up to $100,000 in an Able Account and still be considered to have less than $2,000 in assets, thereby qualifying for SSI and MassHealth.
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