FAQs
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- Benefits
- Contributions
- Eligibility
- General
- Gifting
- How it Works
- Linking Bank Accounts
- Opening an Account
- Prepaid Card
- Qualified Expenses
- Successors and Estates
- Tax Benefits
- What happens if the beneficiary is no longer eligible for an account?
- If a beneficiary no longer meets eligibility requirements, they no longer qualify for an ABLE account and they (or their account manager) should sign into their account's settings and update their eligibility. Their account will remain open and they can continue to use the account until the end of... Read more
- Who can open an ABLE account for an eligible beneficiary?
- An adult beneficiary with a qualifying disability can open and manage an ABLE account. If a beneficiary is under the age of 18 or unable to open an account on their own, they must have an Authorized Legal Representative (also known as an ALR) do it for them. An ALR must be anyone who is selected by... Read more
- Can a Social Security Representative Payee open an account for a beneficiary?
- If you're an eligible beneficiary with a Representative Payee, you can open an account for yourself. To have a Representative Payee open an account for you, they must meet the requirements of an Authorized Legal Representative (anyone who is selected by the eligible beneficiary with legal capacity,... Read more
- How do I know if I'm an Authorized Legal Representative (ALR)?
- An Authorized Legal Representative (ALR) is someone who is legally authorized under state and federal law to make decisions for the beneficiary. You're an ALR if you are selected by the eligible beneficiary with legal capacity, you have Power of Attorney, are a conservator or legal guardian, are a... Read more
- Can I still work and have an account?
- Yes. With the ABLE to Work Act you can even contribute up to an extra $14,580 (as of 2024) to your ABLE account if you are working, in addition to the yearly contribution limit of $18,000. Keep in mind that ABLE accounts help protect assets from counting against benefit asset limits. They do not... Read more
- Can there be more than one Authorized Legal Representative (ALR)?
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There can be only one Authorized Legal Representative (ALR) per account, but you can change an ALR by filling out a Change of Authorized Legal Representative Form.
- Does the Authorized Legal Representative (ALR) own the account with the beneficiary?
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Nope. No matter who opens the account, the beneficiary owns all of the funds.
- Who owns the account?
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If the account is for yourself, the money and funds are yours. If an Authorized Legal Representative, such as a parent or guardian, opened and managed the account for a beneficiary, the money still belongs to the beneficiary.
- Can I close and transfer my ABLE for ALL Savings Plan to a different ABLE account?
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Yes, but you can make only one rollover every 12 months. Use the ABLE plan's rollover forms to start the process.
- Can I transfer an existing ABLE account into my ABLE for ALL Savings Plan?
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Yes, you can use the ABLE to ABLE Rollover Form to get started. Keep in mind that you can only make one rollover every 12 months. An ABLE account can also be rolled over to an eligible member of the family if the rollover happens before the death of the original beneficiary who opened the account.