The California ABLE Act Board is beginning the work to design a tax-advantaged savings plan where people with disabilities or parents of children with disabilities can save up to $100,000 without their vital federal and state benefits being suspended or negatively impacted.
The CalABLE program in California will open up life-improving opportunities for people with disabilities and their families. Contributions to an ABLE account, currently limited to $14,000 per year, can be made by family, friends, or the beneficiary themselves. The account’s earnings are allowed to accumulate tax-free, and the withdrawals, provided they are applied to qualifying disability expenses, are tax-free. The state hopes to make ABLE accounts available by summer 2017.
(If you are not already familiar with ABLE accounts, you can learn more by visiting www.ndss.org/able and http://www.treasurer.ca.gov/able/index.asp.)
The state really wants to learn more about potential CalABLE participants, and this survey is our first step in that process. This survey is intended to be completed by potential ABLE beneficiaries (account holders); parents, legal guardians, caregivers or other support personnel are encouraged to help fill it out if needed.
Thank you for partnering with the State in the development of this very important program!