Legacy Planning Group recently came across some helpful information and wanted to share this with everyone in case you know others who could benefit!

The “ABLE” Act passed by Congress in 2014 allowed Georgia (and other states) to establish new accounts for disabled individuals. Georgia then established the rules for Georgia STABLE accounts. These accounts helped disabled people invest while not preventing them from getting other assistance. Here are some key points below.
1. A person must have developed their disability before age 26, be disabled for at least a year and meet other criteria.
2. States have different plans, but many of them are very similar as they are based on the same federal law.
3. You can contribute up to $14,000 annually and the money can be invested to grow. The earnings can be withdrawn tax free if they are used for qualified expenses.
4. Balances and distributions do not affect needs based financial aid such as Medicaid or SSI (some limitations do apply.)
5. You can apply online and read all the details about these life-changing accounts. http://www.georgiastable.com/

One of the greatest ways to spend your time is by helping others. Who can you help with this information today?

This is not intended to be a substitute for personalized tax or legal advice.