Able Accounts and Structured Settlements
ABLE Accounts (Achieving a Better Life Experience Act of 2014 or ABLE Act) are tax-advantaged savings accounts for individuals who were disabled prior to age 26. The beneficiary of the account is the owner and the income earned by the account is not taxed! ABLE Accounts offer flexibility where funds can be spent on any qualified disability expense while preserving the individual’s needs-based government benefits.
Individuals and third parties can contribute to an ABLE Account and are subject to certain maximums and annual contribution limits. Click here to read John McCulloch’s article on blending ABLE Accounts with Structured Settlements!
Contact a Structures representative today to learn how fund an ABLE Account with a structured settlement.