Here is a chart comparing ABLE accounts to special needs trusts
You can read more about your options regarding both types of financial planning here
SB 11 – ABLE Act, introduced by Senator Luke Kenley (R-Noblesville). Creates the “achieving a better life experience” (ABLE) authority. Established the ABLE Board of the authority. Requires the authority to establish a qualified ABLE program under which a person may make contributions for a taxable year for the benefit of an eligible individual with a disability to an ABLE account to meet the qualified disability expenses of the designated beneficiary in compliance with federal law.
The bill was heard in committee this week and passed out 12-0. There will be an amendment presented next week which will allow for both a family member of someone with a disability as well as a person with a disability themselves to hold a seat on the ABLE Board.
The bill will be eligible for second reading(amendments) on Monday and then a vote by the full Senate by Tuesday.
Please contact your local Senator and urge their support of the amendment to increase the Board members and also urge their support of SB 11 on third reading.
Also, please take a moment to send a very special “thank you” to State Treasurer Kelly Mitchell who is very passionate about this issue and leading the charge on the legislation. She can be reached at: email@example.com and firstname.lastname@example.org