The Louisiana Office of Financial Aid has completed the necessary steps in order to establish ABLE Accounts in Louisiana. ABLE accounts are bank accounts that allow people with special needs to save money without jeopardizing their disability benefits. ABLE Accounts come from the Federal ABLE (Achieving a Better Life Experience Act), but they are established and managed on a State level.
The sponsor othe the orginal Louisiana legislation, (2014 Regular Session, HB 833), Representative Franklin Foil, said " The LA ABLE accounts are intended to help families save money tax-free to assist with qualified disability expenses, much like Louisiana's START program provides a mechanism to save for college expenses."
For additional information on the LA ABLE accounts, please visit the website at www.able.osfa.la.gov