Able Accounts
What is an ABLE account?
ABLE Accounts are tax -advantaged investment accounts that help qualified individuals with disabilities, and their families, save for disability-related expenses with out losing their federal benefits. (broad definition of disability - physical, mental, developmental, military-induced.)
Eligibility
Onset of disability* before age 26, and
Meet disability requirements for SSI or SSDI, OR Have a " disability certification" signed by doctor
ABLE Accounts
Sign up online - $25 minimum to open account
$IO minimum withdrawal or contribution amount
$35 annual management fee
Investment Options
Conservative , moderate and aggressive
Savings option is FDIC-insured
Washington ABLE Program Features
Prepaid debit card
Gifting platform
ADA+ compliant website
Customer call center assistance
Account Limitations
$15,000 annual contribution limit
$100,000 limit before SSI benefits are impacted Washington has a $500,000 lifetime account limit for account owners not receiving SSI benefits
Qualified Expenses
Expenses which help improve health, independence and/or quality of life :
Education Housing
Basic Living Expenses Transportation
Employment Training & Support Assistive Technology
Personal Support Services Health, Prevention & Wellness Financial Management
Legal Fees Funeral & Burial
Able Accounts and Trust Funds Overview
Here are some educational videos about Able accounts and trust funds:
An Overview of Special Needs Trusts
Special Needs Trusts and ABLE Accounts: How Are They Different?
Here are the videos in Spanish:
Descripción General de las Cuentas ABLE
Descripción General de los Fideicomisos Para Necesidades Especiales
Fideicomisos Para Necesidades Especiales y Cuentas ABLE: ¿En qué se diferencian?
Fideicomisos Para Necesidades Especiales Agrupados