Senator Charles Schumer has recently introduced a new piece of legislation to the United States Senate. The proposed bill aims to assist New Yorkers with disabilities and their families in their preparations for the future. The bill, titled, Achieving a Better Life Experience Act (ABLE) creates a tax-advantage savings account for people with disabilities.
According to reports, the bill would authorize the creation of a savings account similar to an Individual Retirement Account. The saving account would allow parents to put away more money for their disabled child, without paying taxes on those contributions. Furthermore, the deposits would not put them over a threshold for what they stand to receive for social security disability.
Individuals that have been diagnosed with a mental or physical disability can create an account. Those individual’s beneficiaries can also establish an account. Anyone would be able contribute to the account. More importantly, the funds would be able to be withdrawn tax-free and used for expenses such as education, medicine, and transportation.
According to the CDC, there are more than 43,000 people with disabilities in western New York alone, which includes but is not limited to Autism, Down Syndrome, and Fragile-X.
In short, Senator Schumer’s bill seeks to alleviate the difficult proposition which many families of disabled Americans face: Choosing between paying for daily living expenses and saving for their child’s future.
For more information on ABLE or for any information on Social Security disability, contact an experienced social security disability attorney at The Law Offices of McIntyre, Donohue, Accardi, Salmonson, & Riordan, LLP. Our firm handles social security and disability claims throughout the five boroughs of New York City, including Manhattan, Brooklyn, Queens, the Bronx, and Staten Island, in addition to both Nassau and Suffolk Counties on Long Island. For more information please call (866)-557-7500 or click here to speak with our office.