Special Needs Planning: ABLE Accounts
April kicks off the ABLE National Resource Center (ABLE NRC) 2025 #ABLEtoSave Month. This month-long campaign provides people with disabilities and their families information about the significance of ABLE accounts and how these accounts can be used to address daily needs, help achieve long-term goals and dreams and increase their financial well-being.
ABLE savings and investment accounts grow tax-free for people with disabilities who are ABLE-eligible. ABLE accounts can be used for a wide variety of expenses and have the potential to significantly increase quality of life for individuals with disabilities without jeopardizing much needed benefits, such as Medicaid and Supplemental Security Income (SSI). Since the passage of the Stephen Beck, Jr. Achieving a Better Life Experience (ABLE) Act in December 2014, 46 states plus the District of Columbia have launched ABLE plans; many are nationwide plans. According to the National Association of State Treasurers (NAST), as of December 2024, more than 195,000 ABLE accounts have been opened nationwide with $2.3 billion in assets invested. The average ABLE savings balance is more than $11,700 .
ABLE accounts are a down payment on financial freedom for millions of eligible individuals with disabilities and their families. The goal of the #ABLEtoSave campaign is to boost awareness of ABLE accounts among people with disabilities, their family members and those who support them. For more information and resources, please visit the ABLE National Resource Center website.
Contact a certified elder law attorney(*), such as Linda Strohschein and her team at Strohschein Law Group for assistance with Special Needs Planning. To set up an appointment, contact Strohschein Law Group at 630-300-0627.
This information provided by Strohschein Law Group is general in nature and is not intended to be legal advice, nor does it constitute a legal relationship. Please consult an attorney for advice regarding your individual situation.
(*) The Supreme Court of Illinois does not recognize certifications of specialties in the practice of law and the CELA designation is not a requirement to practice law in Illinois.