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 […]

Updated as of September 7, 2024. Qualified Disability Expenses (QDEs) ABLE account funds can be spent on a wide variety of items, such as: Expenses that fit into any of these categories are considered qualified disability expenses (QDEs). ABLE account distributions for QDEs are tax-free and do not affect SSI eligibility. Getting Money Out of […]