For many people with disabilities, the fear of losing critical public benefits, coupled with the high cost of support expenses, has limited them from building financial security.
Until recently, individuals receiving federal benefits have been restricted in the amount of money they can save, essentially keeping them in poverty and preventing them from planning for the future. With the Stephen Beck Jr. Achieving a Better Life Experience (ABLE) Act, signed into federal law by President Obama, these thresholds are no longer an obstacle.
In 2015 Governor Brown signed the California ABLE Act into law. CalABLE allows qualified individuals with disabilities and their families to open tax-free savings accounts without the worry of losing vital government assistance. The law establishes a board that will administer the CalABLE savings program.