Updated as of September 6, 2024. ABLE Documents Bridges Maryland ABLE Account Frequently Asked Questions Maryland ABLE Account Enrollment Form Maryland ABLE Account Contribution Form About ABLE Accounts ABLE accounts allow individuals with disabilities to save money without losing eligibility for government benefits. ABLE accounts provide an inexpensive and uncomplicated way to save funds for […]
Updated as of September 7, 2024. Risk of Asset Forfeiture Upon Death – But Not in Maryland In Maryland, this is not an issue, “Under Maryland law, an agency or instrumentality of the State of Maryland may not seek payment from an ABLE account or its proceeds for any amount of medical assistance paid for […]
Updated as of September 7, 2024. Follow this link to set up a Maryland ABLE account online. Alternatively, you may call 1-855-563-2253 or 1-844-888-2253 (TTY) for help setting up a Maryland ABLE account. You’ll need some information: If there is an ALR for a beneficiary over age 18, you’ll also need documentation of Power of […]
Updated as of September 7, 2024. Where Can I Set Up an ABLE Account? Forty-four states, including Maryland, offer ABLE accounts, but you do not need to open an ABLE account in the state you live in. Seventeen states do require that you be a resident in order to set up an ABLE account under […]
Updated as of September 7, 2024. Annual Limit All ABLE accounts have an annual contribution limit ($18,000 in 2024). You may contribute less than this amount, but you may not contribute more in a single year. This amount is tied to federal gift tax exemption, and it does increase by $1,000 every few years. Special […]