New Alabama program allows for disability savings

[TexasTowelie]

The state of Alabama is launching a savings program meant to help people with disabilities.

The new Enable Savings Plan Alabama is modeled on a national program that lets people save tax-free for future expenses related to disabilities.

A statement by State Treasurer Young Boozer says the savings can accumulate without people jeopardizing their eligibility for public benefits.

Enable Alabama offers five investment options for savers. Participants can save as much as $14,000 annually, and their total assets can grow to $100,000 without affecting benefits based on personal finances.

Read more: http://www.montgomeryadvertiser.com/story/news/2017/02/20/new-alabama-program-allows-disability-savings/98167360/

[sinkingfeeling]

1. Is this for people with current disabilities or some type of HSA to

save in case you become disabled? Having a hard time imagining someone with a severe disability being able to save $14,000 a year.

[TexasTowelie]

2. I believe that this for people that already have a disability.

The accounts can also include gifts (e.g. from parents or other relatives) that would otherwise be taxable.