ABLE Account Strategies
ABLE Accounts allow people with eligible disabilities to save for their everyday needs, invest in a tax-advantaged account, and prepare for the future without losing their state or federal benefits.
Our team helps families create ABLE Account strategies as a part of their special needs financial plan, in combination with estate planning considerations and government benefits programs, to help create financial support for their loved one with a disability.
What Are ABLE Accounts?
ABLE Accounts are available to people diagnosed with a disability before the age of 26. The annual contribution limit into an ABLE Account is $17,000 (2023) plus employed individuals can contribute the lesser of their annual compensation or the federal poverty line amount for a household of one ($13,590 in 2023).
For Oregon residents, contributions into ABLE Accounts are eligible for a tax credit depending on income.
$100,000 can be saved within an ABLE Account without affecting SSI benefits. Growth within an ABLE Account accrues without income taxation and funds from an ABLE Account can be used tax-free for qualified disability expenses such as health, education, housing, transportation and more.