The ABLE act is a program that allows individual states to create their own ABLE account savings programs for individuals with disabilities. It’s quickly beginning to look like Missouri will be the 20th state to launch the MO ABLE program on April 24th. This new program will help Missouri residents with disabilities enjoy tax free investment growth and savings that don’t jeopradize their ability to access SSI, Medicaid, or other means-tested benefit programs.
Eligible residents will also be able to deduct up to $8,000 per participant ($16,000 if married and filing jointly) from their adjusted gross income. Participants must have established permanent disability status prior to turning 26, and can have only established one account. To learn more, check out Tim’s latest article in the Columbia Daily Tribune.
As a financial planner specializing in comprehensive financial planning, Tim enjoys helping clients in Columbia, MO with managing their taxes, financial risks and other financial issues.
If you would like to learn more about this and other personal financial planning topics serviced by Clarity Financial please contact us at 573-447-7007. Clarity Financial, LLC is a fee-only financial advisory firm in Columbia, MO. Appointments are welcome and initial consultations are free.
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