FAQs
Answers at your fingertips
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- Benefits
- Contributions
- Eligibility
- General
- Gifting
- How it Works
- Linking Bank Accounts
- Opening an Account
- Prepaid Card
- Qualified Expenses
- Successors and Estates
- Tax Benefits
- Can I transfer an existing ABLE account into my Washington State ABLE Savings Plan account?
- Yes, you can use the ABLE to ABLE Rollover Form to get started. Keep in mind that you can only make one rollover every 12 months. A Washington State ABLE Savings Planaccount can also be rolled over to an eligible member of the family if the rollover happens before the death of the original... Read more
- How is this different from a Special Needs Trust or Pooled Trust?
- A Washington State ABLE Savings Plan account does not replace a Special Needs Trust or Pooled Trust. There are some key differences that are meant to give people living with disabilities and their families more options. With a Washington State ABLE Savings Plan account: There are fewer expenses... Read more
- 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 designated successor beneficiary
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A successor beneficiary is an individual that the beneficiary designates as a successor to their Washington State ABLE account upon the death of the beneficiary. A successor beneficiary must meet eligibility requirements to open an account and must be a sibling of the beneficiary.
- 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. If the beneficiary was receiving Medicaid benefits, Medicaid can file a claim for a payback upon the beneficiary’s... Read more