Life can be unexpected and uncertain at times, more so with those who feel the weight of being the provider for people with disabilities. Having someone who depends solely on you for their care and financial well-being can be stressful with the added stress of what their future may hold after your passing.
In 2014 the federal government passed the Achieving a Better Life Experience Act of 2014 with the idea of helping to provide a way for concerned guardians, parents, and family of disabled individuals to help pay for future expenses. This account known as a 529A ABLE Account is similar to the 529 plan for education savings. An ABLE account can receive contributions up to specified limits for a designated disabled beneficiary. Kentucky’s exclusive ABLE account is known as STABLE, and more information can be obtained at https://www.stablekentucky.com/ and https://ky.db101.org/ky/programs/job_planning/able/program.htm.