When elected Treasurer, David McRae will aggressively market a unique plan providing for the establishment of tax-free accounts to support special needs and disabled individuals.
“The ABLE Act was signed by Governor Phil Bryant two years ago, and it is managed by the State Treasurer and the Department of Rehabilitation Services,” McRae said. “Yet, as I travel around the state, I’m finding more and more families with special needs members who could benefit greatly from this trust fund, but they remain unaware of its existence and considerable financial advantages.”
ABLE, an acronym for Achieving Better Life Experience, was conceived and implemented as a way for families to establish tax free 529 accounts dedicated to ensuring their special needs and disabled children or dependents have basic resources even after the parent or guardians’ demise.
“It can help families now, and it can remain available to assist special needs and disabled individuals have a better quality of life well into the foreseeable future,” McRae concluded. “This is a thoughtful, helpful tax-incentive program, and state government should work hard to ensure every family that needs it knows about it.”
As Treasurer, McRae would serve as an ABLE trust fund board member.
The tax-free savings accounts established under ABLE are applicable to needs such as education, housing and even transportation for those diagnosed or having onset of a condition before age 26. Beneficiaries must meet further definitions for disabilities as specified by the Social Security Administration and Internal Revenue Service (IRS) code.
David McRae Campaign Press Release