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Asset Management Group, Inc. Search Asset Management Group, Inc. Planning Pays Off ABLE account (Achieving a Better Life Experience account) November 20, 2025 By assetman14 in Financial Planning Tags: education , personal-finance Leave a comment An ABLE account (Achieving a Better Life Experience account) is a tax-advantaged savings account for individuals with disabilities, designed to help cover disability-related expenses without affecting eligibility for federal benefits like Medicaid or Supplemental Security Income (SSI) . Here’s a detailed overview for establishing one for a child: 1. Eligibility The child must have a qualifying disability that began before age 26 . A physician or a Social Security Administration (SSA) determination may be used to verify eligibility. Typically, the child will need a disability certification to open the account. 2. Who Can Open the Account A parent or legal guardian can open an ABLE account on behalf of a minor . Once the child reaches the age of majority (18 in most states), they can take over the account management. 3. Contributions Anyone (parents, family, friends) can contribute to the account. Annual contribution limit is generally tied to the federal gift tax exclusion, which is $18,000 for 2025 (subject to change annually). The account balance can grow tax-free. Some states allow additional contributions from the beneficiary’s earned income under certain conditions. 4. Qualified Expenses ABLE funds can be used for a wide range of

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