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Able Account Updates
Since we last chatted about ABLE accounts, I’ve done quite a bit of research on opening one. I thiiink I’m ready to open one, but I wanted to know what made you choose the state that you did? They all seem fairly similar to me with some subtle differences— I’ve heard Ohio and California are great plans to go with.
I also learned that some states offer what’s called a medical lien with their ABLE accounts, meaning the funds in our accounts would not be subject to reimburse the government for Medicaid benefits after we pass and would go to the beneficiary’s power of attorney that was implemented upon opening an account. I know we discussed that last time and that’s why some preferred a special needs trust instead. (Special needs trusts have other benefits, too.) The only kicker is that you have to be a resident in the states that offer liens and you have to open your account in your state. For example, California offers this but because I’m not a resident, I can’t get this offering even if I opened my account there.
I hope this makes some sense. I found a YouTube video the other day that was super informative and really summed up all of the research I’ve gathered thus far. Now it’s just a matter of picking one.
If you’re interested in learning more, here’s the video link.
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