A Primer On ABLE Accounts

Christopher T. McGee *

G. Alisa Ferguson **

It has been called the most significant piece of legislation benefiting individuals with disabilities since the 1990 passage of the Americans with Disabilities Act. The Stephen Beck Jr., Achieving a Better Life Experience (“ABLE”) Act created a tax-advantaged savings account for individuals with eligible disabilities that permits, for the first time, these individuals and their families to save for their daily and future expenses in meaningful amounts without affecting their eligibility for Supplemental Security Income, Medicaid, and other public benefits. The ABLE Act is local in its origins and its passage in December 2014 was profoundly bittersweet.

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* General Counsel, Virginia529. J.D., 1993, University of Richmond School of Law; B.A., 1985, Hampden-Sydney College.

** Associate Counsel, Virginia529. J.D., 2008, University of Richmond School of Law; B.S., 2000, James Madison University.