Helping a disabled loved one with an ABLE account

Description

Abstract: Estate planning can be tricky for a family that includes a disabled loved one because the family doesn’t want to lose eligibility for means-tested government benefits, such as Medicaid or Supplemental Security Income (SSI). A Section 529A account — better known as an ABLE account — generally won’t affect the beneficiary’s eligibility for Medicaid and SSI, which limits a recipient’s “countable assets” to $2,000 with a few exceptions. This article details an ABLE account and explains how it’s funded.