FAQs
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- ALR
- Benefits
- Contributions
- Eligibility
- Fees
- General
- Gifting
- How it Works
- Linking Bank Accounts
- Opening an Account
- Prepaid Card
- Qualified Expenses
- Successors and Estates
- Tax Info
- What happens after the death of a beneficiary? Is there a Medicaid payback?
- In the event of the death of a beneficiary, the funds from their ABLE account can be used by his or her estate to repay any outstanding eligible expenses or funeral and burial costs. Remaining funds will be transferred to the estate of the beneficiary. Due to the passage of Senate Bill 1027 during... Read more
- How is this different from a Special Needs Trust or Pooled Trust?
- An ABLE account won’t replace a Special Needs Trust or Pooled Trust. There are some key differences that are meant to give people with disabilities and their families more options. With an ABLE account: There are fewer expenses than setting up a trust. The beneficiary owns the funds and can... Read more
- Can I transfer an existing ABLE account into my Oregon ABLE Savings Plan?
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Yes, you can use the ABLE to ABLE rollover form to get started. Keep in mind that you can make only one rollover every 12 months. An ABLE account can also be rolled over to an eligible member of the family if the rollover happens before the death of the original beneficiary who opened the account.
- Is the ABLE account considered part of the estate after the death of a beneficiary?
- Yes. As part of the estate, funds in the ABLE account are subject to federal estate tax. After the death of the beneficiary, the remaining funds will be taxed and can be used to pay any outstanding qualified disability expenses of the decedent and any State claim under section 529A(f) before they... Read more
- What is a successor designated beneficiary?
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A successor for an ABLE account must be a sibling, step-sibling, or half-sibling of the Account Owner and must also qualify for an ABLE account. A successor must be added to the account before the death of the beneficiary.
