[vc_row][vc_column][vc_message message_box_style=”outline” style=”round” message_box_color=”turquoise”]This is a post about ABLE accounts and switching from an ABLE-now account to a different ABLE account[/vc_message][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]I set up ABLE-now accounts for myself and for Moxie (those were links to posts that I wrote about setting up the accounts).
I was really happy to do both, because I was actually paid by ABLE-Now to, through the form of a sponsored post, and by them directly contributing to both of our accounts.
It was a wonderful incentive to do something I wanted to do anyway![/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]
ABLE-Now is Not The Only Type of ABLE Account
ABLE accounts are a program. They are national, and they are set up and linked to your bank account.
They can be anywhere.
You can be living in Virginia and set up your ABLE account in Maryland (or Oregon!; you could be living in Kansas and like the system in Virginia a little better.
The point is, the ABLE system is like an umbrella, and each state sets it up a little differently.
You can sign up for ANY state (to my knowledge), but you really want to explore what each state offers, and what makes sense for YOU and your financial goals.
ABLE-now
ABLE-now is in Virginia.
When we first set up the accounts, we were still living in California. California did not have ABLE accounts yet, so I went and signed up with ABLE-now in Virginia.
After we moved to Hawaii. nothing needed to be changed.
But then, I wanted to change aspects of my ABLE-now account, and I had SUCH a hard time accessing service.
With the time difference, there was always only a very narrow window of time in which I could reach a live person.
Added to that, they rarely returned my calls in a timely manner (if at all). Then, each time I talked to a live person, my questions were not answered!
I was SO FRUSTRATED with them.
So I went to the ABLE National Resource Center
ABLE National Resource Center
These are the guys that you really, REALLY want to bookmark: ABLE National Resource Center.
They neutrally collect all of the resources related to ABLE accounts.
They are not trying to sell you anything or get you to go with one particular state system or another.
This was really helpful for me, because I went to their chart that compares the ABLE accounts that had debit cards (- an important feature to me) and could easily compare ABLE account systems per state.
A few things to remember:
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- ABLE accounts are really, really different per state: you should compare states to see which state is offering what fits your needs and financial goals the best
- ABLE accounts are savings programs, yes, but the companies who administer them are making a buck with us; make sure you don’t see this as a charity or something! There is a reason ABLE-now is advertising like crazy on Facebook: because they are making a lot of money with our community!
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I Switched to Pennsylvania ABLE
This is not an endorsement of any kind – not a sponsored post, not something they asked me to tout or say – but I switched to Pennsylvania ABLE (the information on Penn-ABLE from the ABLE Resource Center is linked here; the Pennsylvania ABLE Program is linked here).
I did so because that particular ABLE program does not charge for their debit cards, you can save over $500,000 in their program, you can split up how you want your money managed (- so, some in checking for immediate use, some for long-term growth, and some for shorter-term growth).
I also really liked their streamlined processes, not least that they make it really easy to access a U-Gift code.
U-Gift
U-Gift is a code where friends and family can give to someone who holds an ABLE account.
U-Gift makes plumping up an ABLE account painless, an easy way for friends and family to support someone with an ABLE account, or to give a practical, long-term investment.
So!
If you have an ABLE-now account, or any ABLE account, for that matter and you are happy, that’s awesome. Don’t forget to go back to the Resource Center occasionally to see what’s new, and to take a look at other programs to make sure you are putting your money in the best possible place for yourself or your child.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]
Useful Links
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- IRS: From the IRS, a video on how you can save money with disability-related expenses by having an ABLE account
- ABLE National Resource Center: compare programs, determine eligibility, get all the news and clear, concise answers to your questions
- Another super-boring but helpful video from the ABLE National Resource Center on qualifying disability-related expenses (which is a question I hear a lot from other parents)
Want to Contribute to Moxie or My Own ABLE Accounts?!!
Here’s our linked U-Gift Codes![/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width=”1/2″][vc_custom_heading text=”Moxie’s!” font_container=”tag:h2|text_align:left|color:%23000000″ google_fonts=”font_family:Architects%20Daughter%3Aregular|font_style:400%20regular%3A400%3Anormal” link=”url:https%3A%2F%2Fwww.ugiftable.com%2F||target:%20_blank|”][vc_column_text]
- Go to UgiftABLE.com.
- Enter the Ugift code: 96H-784
- Enter the gift-giver’s name and gift amount
- Make the gift via electronic funds transfer or check
[/vc_column_text][/vc_column][vc_column width=”1/2″][vc_custom_heading text=”Mine!” font_container=”tag:h2|text_align:left|color:%23000000″ google_fonts=”font_family:Dancing%20Script%3Aregular%2C700|font_style:400%20regular%3A400%3Anormal” link=”url:https%3A%2F%2Fwww.ugiftable.com%2F||target:%20_blank|”][vc_column_text]
- Go to UgiftABLE.com.
- Enter the Ugift code: C6Q-H6G
- Enter the gift-giver’s name and gift amount
- Make the gift via electronic funds transfer or check
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Helpful Resources
Disability Related Resources
Meriah Nichols is a counselor. Solo mom to 3 (one with Down syndrome, one on the spectrum). Deaf, and neurodiverse herself, she’s a gardening nerd who loves cats, Star Trek, and takes her coffee hot and black.
Is this a better option than setting up a special needs trust?
that’s a really good question, Joyce, and I think the answer is no. Special Needs Trusts and the ABLE accounts are different – the trust is structured, requires a lawyer and is like something that can live on when we are gone. The ABLE accounts are just for money. But I want to do a deeper dive now and examine the differences between them.