Effective January 1, 2022, the Federal Government has increased the total limit on the annual contributions people with disabilities (or their families) can make to an ABLE Account from $15,000 to $16,000. If the person with the disability is employed, he or she allowed to contribute an additional $12,760 of their earnings into their ABLE account.
ABLE Accounts are tax deferred savings accounts that are only available to people with disabilities who became disabled before the age of 26. If you have a loved one who has a disability, and is working, call Fred Niemann or Nicole Tomlin to make an appointment to discuss how an ABLE account can help your family.
If you are looking for additional details on this topic or if you require advice about your situation, please contact Fredrick P. Niemann, Esq. toll-free at (855) 376-5291 or email him at fniemann@hnlawfirm.com. Please ask us about our video conferencing or telephone consultations if you are unable to come to our office.
By Fredrick P. Niemann, Esq. of Hanlon Niemann & Wright, a Freehold Township, Monmouth County, NJ Special Needs Trust Attorney
By Nicole C. Tomlin, Esq., Hanlon Niemann & Wright