Topics
'Minor' Head Injuries Can Turn Serious Rapidly, Experts Say
10 Worst Automobile Insurance Companies in American
A Rush to Justice
A Warning For Medicaid Beneficiaries Traveling Out of State
America's Access to Justice at Risk
Congress Proposes Tax-Deferred Savings Accounts for People with Disabilities
February Newsletter
How Insurance Companies Deny, Delay, Confuse, & Refuse
Lost Health Insurance
Made in America: Corporate Gall
Marcantonio V. Moen
March Newsletter
Maryland Legislature Passes Major Insurance Reform Bill
Medical Errors in the United States
Metro Train Crash
Proving Loss of Wages for Injured People
Settlement Reached
Settlement or Trial?
Summer Conference
Surgical Accidents
The True Consequences When States Impose Limitations (Caps) on Medical Malpractice Cases
Toy Chest Dangerous, Lawsuit Claims
Traumatic Brain Injury
Trial Lawyers & Health Care Reform
Verdict to Injured Driver Taps Into UIM
Why I am a Proud Supporter of the Public Justice Foundation: ACCOMPLISHING MAJOR LEGAL VICTORIES FOR NEGLIGENCE VICTIMS NATIONWIDE
Why you need to increase your uninsured motorist insurance coverage: Don't buy LESS THAN $100,000 and consider seriously buying as much as you can afford.
Recent Updates
April 08, 2010
Maryland Legislature Passes Major Insurance Reform Bill
March 11, 2010
Settlement Reached
March 10, 2010
Toy Chest Dangerous, Lawsuit Claims
September 30, 2009
Trial Lawyers & Health Care Reform
August 11, 2009
Surgical Accident
Archives
Congress Proposes Tax-Deferred Savings Accounts for People With Disabilities
Posted by: Larry Lapidus
April 06, 2009
Topic: Congress Proposes Tax-Deferred Savings Accounts for People with Disabilities
A bill that would create tax-deferred savings accounts for people with disabilities has been introduced in the House and Senate. If passed, the new legislation would allow family members, friends, or a person with disabilities to place up to $500,000 of funds into an "ABLE" (Achieving a Better Life Experience) account that functions much like an IRA or 529 College Savings Account, with the income generated by the account accumulating without taxation.
Under the proposed legislation, the accounts will be initially available only to individuals who qualify for Supplemental Security Income (SSI) benefits. The accounts would be titled in the name of the SSI beneficiary, but funds up to $500,000 placed in such accounts will not qualify as available resources and will not prevent a beneficiary from continuing to receive benefits. Furthermore, distributions from the accounts, so long as they are made for the benefit of the person with disabilities, will not count as a part of their income for purposes of SSI.
According to a press release from Sen. Bob Casey's (D-PA) office, anyone will be able to transfer money into an ABLE account and rollovers from other accounts will be possible. Like an IRA, the funds in an ABLE account will accumulate tax-free interest during the beneficiary's lifetime. Finally, should someone become disabled later in life, he would be allowed to roll over a previously existing IRA or 529 account into an ABLE account in order to qualify for benefits.
