ABLE Accounts (Achieving a Better Life Experience)
Chapters in this video
- 0:00 What ABLE accounts supplement, not replace
- 1:38 The age-46 onset rule and the current age trap
- 2:49 Annual limits, beneficiary ownership, and the one-account rule
- 3:44 Tax treatment and the broad qualified expense umbrella
- 4:33 ABLE vs. 529 plan: side-by-side exam distinctions
- 5:01 The $100,000 threshold and the SSI vs. Medicaid split
- 6:37 Post-death Medicaid payback scope and limits
- 7:41 Rapid-fire exam recap
What this video covers
- Why the age-46 rule applies to disability onset, not current age, and how the ABLE Age Adjustment Act changed the old 26-year threshold
- The annual contribution limit, tax-deferred growth, and tax-free qualified withdrawal rules for disability expenses
- Why the beneficiary owns the ABLE account, how any state may host it, and why only one account is permitted per eligible individual
- The critical distinction between a 529 education savings plan and an ABLE account across eligibility, limits, ownership, and qualified expenses
- Why SSI is suspended (not terminated) above $100,000, and how benefits automatically resume when the balance drops below that threshold
- Why Medicaid is completely unaffected during the beneficiary's lifetime, and how the post-death state payback claim actually works
- The scope limits on Medicaid payback claims: only post-account-opening expenses, and no recovery for SSI or SNAP benefits
Read the full lesson, free
This video's complete written lesson is free to read in the CertFuel app, no signup wall. The complete SIE course in the app is free too, including adaptive practice questions and spaced-repetition flashcards.