Recent Industry News
American Funds launches first advisor-sold ABLE plan
ABLE America, sponsored by Virginia529, is the first advisor-sold savings plan designed for individuals with disabilities. ABLE plans allow eligible individuals to invest up to $15,000 per year in a tax-advantaged account for qualified disability expenses.
3Q 2017 529 & ABLE Data Highlights
Assets in 529 college savings plans rose to $282 billion in Q3 2017, up from $276 billion in the previous quarter. Assets in prepaid plans grew to $24 billion and there were 13,190 ABLE accounts invested in $48.5 million, according to new data from Strategic Insight.
ABLE plan contribution limits higher for 2018
The IRS recently announced an upcoming increase to the annual gift tax exclusion. In 2018, gifts of up to $15,000 per beneficiary will qualify for the exclusion, up from $14,000 in 2017. Each ABLE account will be able to accept up to $15,000 in aggregate contributions.