Parents of children with special needs are getting a new way to save for their future.
ABLE accounts, which are modeled after the popular, state-sponsored 529 college savings plans, are making their debut this month, with Ohio, Tennessee and Nebraska opening plans for enrollment. They are tax-advantaged savings accounts for individuals with disabilities and their families.
Financial advisors and advocates for special-needs families say it is a welcome step. Congress, in a rare act of bipartisanship in 2014, passed the federal legislation that allowed states to create these accounts.