Maine’s ABLE Program is now live!
Posted on October 21, 2021
From the Bangor Savings Bank Website:
"Living with a disability is often associated with significant amounts of extra costs. That’s why individuals and families can now contribute to ABLE accounts — tax-advantaged accounts that can fund disability expenses without impacting means-tested benefits eligibility.
What are ABLE Accounts?
ABLE accounts are tax-advantaged accounts for individuals with disabilities and their families. ABLE Programs were created as a result of the passage of the Stephen Beck Jr. Achieving a Better Life Experience Act of 2014, better known as the ABLE Act. The beneficiary of the account is the account owner, and income earned by the accounts will not be taxed if used to pay for Qualified Expenses. Contributions to the account can be made by any of the following: the account beneficiary, family, friends, Special Needs Trust, or Pooled Trust. Contributions are made using post-tax dollars and are not tax deductible for purposes of federal taxes.
The Maine ABLE program, ABLE ME, is established and maintained by the Maine State Treasurer and administered by Bangor Savings Bank under applicable law."