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NC law now permits parents to establish NC ABLE accounts

NC law now permits parents to establish NC ABLE accounts

Publication Date: November 27, 2017

North Carolina law now permits all parents of qualified children to open NC ABLE accounts, regardless of guardianship type and regardless of the child’s age.

A small, but vital, technical correction in North Carolina Senate Bill 582 has cleared the way for North Carolina parents who serve in the capacity of “guardian of the person” to establish NC ABLE accounts for qualified individuals.

NC ABLE accounts are tax-advantaged savings accounts for individuals with disabilities. With NC ABLE, qualified individuals can save for future disability expenses and invest for long term savings, without impacting current benefits. Prior to this change in the state law, only a parent of the minor child or those individuals serving as “guardian of the estate” were permitted to open or administer any ABLE account. This left parents of adult children who serve as “guardian of the person” without access to these tax-advantaged savings and investing accounts for their loved ones.

To determine eligibility and learn more about the benefits of NC ABLE and qualified disability expenses, visit NC.SaveWithABLE.com. Parents of adult children and guardians of the person can open an account by calling NC ABLE toll free at 1-888-627-7503.