What happens to the ABLE account after the death of the account owner?click for more information When the account owner passes away, the funds in the ABLE account can be used for any outstanding qualified disability expenses, including funeral and burial expenses. The ABLE plan can advise you on what is needed such as a death certificate or whether there is a special form to complete. It is up to the individual state, whether or not to file a claim for Medicaid recovery of funds which were paid on behalf of the account owner since the account was opened. If someone has never received Medicaid, this is not an issue. If the state pursues a claim, In addition to allowing for the repayment of outstanding QDEs, including funeral and burial expenses, Medicaid buy-in premiums paid since opening the ABLE account will be reimbursed. Thereafter, the remainder of funds are payable to the Estate. https://www.ablenrc.org/frequently-asked-questions/
On Tue, Jan 10, 2023 at 7:48 AM SHIRLEY BELL <sbell...@cox.net> wrote: > My question that I can't find the answer to, is if you have an able > account and die doe the state get your money? Thanks Jim > > On January 10, 2023 at 10:34 AM Jim Lubin <jlu...@makoa.org> wrote: > > Age Limit — Eligibility is currently limited to people who developed their > disability before age 26; anyone who becomes disabled later in life does > not qualify. Fortunately, in late 2022, Congress signed off on adjusting > this age limitation beginning in 2026. At that time, individuals who became > disabled before age 46 (rather than age 26) will be eligible to open an > ABLE account. > https://specialneedsanswers.com/an-introduction-to-able-accounts-17586 > > > >
