What happens if the beneficiary is no longer eligible for an account? ›

If a beneficiary no longer meets eligibility requirements, they no longer qualify for an ABLE account and they (or their account manager) should sign in to their account’s settings and update their eligibility. Their account will remain open and they can continue to use the account until the end of the year, but will no longer be able to sign up for a prepaid card account.After the end of the year, they stop being eligible, no new contributions (including automatic transfers) will be allowed and account withdrawals will be treated as non-qualified withdrawals. The earnings portion of non-qualified withdrawals is subject to income taxation and to a 10% federal tax penalty, and non-qualified withdrawals may affect eligibility for SSI and other federal benefits. The account will close ...
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What type of disabilities qualify for an account? ›

Any disability that qualifies for SSI or SSDI or blindness that developed before the age of 26 is eligible for an ABLE account. Some of the conditions recognized by the Social Security Administration that could qualify based on the level of severity include: blindness, Down Syndrome, hearing loss (deafness), epilepsy, autism/Asperger and more. Those who don’t receive social security benefits are still eligible if they can get a signed Diagnosis Form from a licensed physician. 
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How do I know if I’m an Authorized Legal Representative (ALR)? ›

An Authorized Legal Representative is someone who is legally authorized under state and federal law to make decisions for the beneficiary. You’re an ALR if you have Power of Attorney, or are the Legal Guardian or Conservator for a beneficiary. If the beneficiary is under the age of 18, the ALR can also be the parent.  If you don’t currently have Power of Attorney for a beneficiary, you can use this form for limited Power of Attorney or find more information here.
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Can I still work and have an account? ›

Yes. With the ABLE to Work Act you can even contribute up to an extra $12,060 to your ABLE account if the beneficiary is working, in addition to the yearly contribution limit of $15,000.Keep in mind that ABLE accounts help protect assets from counting against benefit asset limits. They do not protect against the income limits that might be tied to a state or federal benefit. Here are some rules and guidelines you should know about. 
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Who owns the account? ›

If the account is for yourself, the money and funds are yours. If an Authorized Legal Representative, such as a parent or guardian, opened and managed the account for a beneficiary, the money still belongs to the beneficiary. 
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What if I move outside the state? ›

Good news: You can keep your Oregon ABLE Savings Plan account if you move out of the state. You can also roll over the account (up to once every 12 months) to a different state plan or a national plan, like the ABLE for ALL Savings Plan, or to an eligible “Member of the Family.”
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Do I have to live in Oregon? ›

Yes, you have to be an Oregon resident to open an Oregon ABLE Savings Plan account. If you aren’t an Oregon resident, you can open an ABLE for ALL Savings Plan, which has many of the same features.
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Who can have an account? ›

Anyone with an eligible disability or blindness (as defined by the Social Security Act) diagnosed before the age of 26 can have an ABLE account. If you’re over 18 years old, you can open your own account, if not – an Authorized Legal Representative (ALR) can do it. Either way, you can only have one ABLE account at a time.
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