ABLE Accounts, which are tax-advantaged savings accounts for individuals with disabilities and their families, will be created as a result of the passage of the ABLE Act of 2014. Income earned by the accounts would not be taxed. Contributions to the account made by any person (the account beneficiary, family and friends) would not be tax deductible.
For anyone with a disabled family member or loved one, this is a huge step forward. Envisioned as a variation on 529 college-savings plans, these accounts should make life simpler for those facing the enormous financial challenges of providing for a lifetime of support for a disabled person. The ABLE law specifies these accounts are for those persons with “significant” disabilities and with onset of disability prior to age 26. Annual contributions will be capped at $14,000.
Passed almost unanimously by both houses of Congress, the bill goes to the President for his signature. Look for implementation sometime in 2015.
Those of you who continue to insist you can even remotely forecast what might happen next continue to reveal incredibly foolish, thoroughly disproved beliefs, despite an overwhelming avalanche of evidence that you haven’t the slightest idea what the fuck is going on now, much less what is going to happen next.
Once again, the markets prove that nobody knows ‘nuthin.
That’s Barry Ritholz on the Us stock market’s impressive bounce back this AM
Investors want to believe in someone. Forecasters want to earn a living. One of those groups is going to be disappointed. I think you know which.
Morgan Housel (Motley Fool)