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Tax-Free Bank Accounts For Disabled Approved By Congress

The United States Congress gave final approval to a measure that will allow the disabled citizens of America to open tax-free bank accounts without losing their government financial assistance, the Associated Press reported on December 16.

Provisions of the bill would make it possible for people with disabilities or for their families to set up tax-free accounts at financial institutions, with a maximum allowable deposit of $14,000 yearly for long-term needs such as education, transportation, health care, and housing, among others.

National Down Syndrome Society interim president Sara Hart Weir said the “monumental, landmark bill” can ease the burdens of families that are tending to children or adults with Down syndrome, allowing them to save up for the future.

The Democratic-led Senate approved the bill, called the Achieving A Better Life Experience Act or ABLE, with a vote of 76-16. The Republican-controlled House of Representatives earlier this month passed the bill, receiving support from almost 85% of the whole lower chamber.

Our attorneys at the Chris Mayo Law Firm in San Antonio are accommodating and competent and can provide high-quality legal services for our clients who are seeking legal assistance filing for Social Security disability benefits. Call our offices today at (210) 899-5440.