Q. What is an ABLE account and why should I get one?

A. ABLE accounts are tax-advantaged savings accounts for individuals with disabilities and their families. It was created as a result of the passage of the Stephen Beck Jr. Achieving a Better Life Experience Act of 2014 or better known as the ABLE Act. The beneficiary of the account is the account owner and income earned by the accounts will not be taxed. Contributions to the account can be made by any person (the beneficiary, family, friends, or from a special needs trust), must be made using post-taxed dollars, and will not be tax deductible for purposes of federal taxes. However, some states may allow for state income tax deductions for contributions made to an ABLE account.