INFORMATION FOR
What is an ABLE Account: A tax-advantaged savings accounts for individuals with disabilities and their families.
Who is Eligible: Individuals with significant disabilities with an age of onset of disability before turning 26 years of age and
Benefits of ABLE Accounts:
ABLE Account funds may be used for many types of expenses, including the following:
Examples of when an ABLE account would be helpful to avoid going over the $2,000 asset limit:
Contribution Limits:
Additional Information about ABLE Accounts:
What happens to ABLE accounts funds if the beneficiary dies:
Should the beneficiary die with funds remaining in the ABLE account, the state of New Jersey may file a claim to all or a portion of the funds in the account equal to the amount which the state spent on the beneficiary through their state Medicaid program after the establishment of the ABLE account.
Resources:
Able National Resource Center has detailed information about Able Accounts.
ABLE Today: https://www.abletoday.org/