“Asset Development” is the process of having financial resources to do things like buy a home; invest in a business; learn a new skill or education; or put aside money in a savings account for emergencies. Having “assets” increases your chances to stay where you live; enables you to stick to a career choice; increases community connections; and increases your ability to make choices.
Achieving a Better Life Experience (ABLE) Act:
Passed in December 2014, the ABLE Act creates a new subsection (f) ABLE Account within Section 529 of the Internal Revenue Code to allow savings set aside in an account to be used for education, housing, transportation, employment support, health care, habilitation and other financial expenses. The federal ABLE Act allows asset building, individual choice and control, while protecting eligibility for Medicaid, SSI and other important federal benefits. Implementation and new rules are currently underway.