The ABLE Act is helpful.
Congressman Don Young and his colleagues among both Republicans and Democrats are seeking to provide tax relief to families and individuals living with disabilities.
Through the act — if passed by the U.S. Senate and signed by President Barack Obama — more family funds would be retained and could be saved for long-term disability expenses.
It would be handled much like it is for families saving for college and retirement, according to Young's office.
The act "establishes optional, tax-free savings accounts for people with disabilities," says Young. "Individuals and families caring for a severely disabled child can use these tax-free savings accounts to pay for expenses, such as housing, career development and (uncovered) medical expenses."
This act is basic common sense, he says. The families keep more of their money to provide the care that differs from individual to individual and from state to state.
The act offers tax cuts and tax-deferred accounts for those who need it most. This act will help Alaskans, too.
It should be quickly signed off by the Senate and endorsed by the President.
