FAQs
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- About ABLE
- ALR
- Benefits
- Contributions
- Eligibility
- Fees
- General
- Gifting
- How it Works
- Linking Bank Accounts
- Opening an Account
- Prepaid Card
- Qualified Expenses
- Successors and Estates
- Tax Info
- How can I roll over the funds in my Oregon ABLE account into another ABLE account?
- We'd be sorry to see you go! You can choose to roll over part or all the funds in your Oregon ABLE Savings Plan account into another ABLE plan by filling out a rollover form from your new ABLE Savings Plan. Keep in mind that if you roll over your entire account balance, your Oregon ABLE account... Read more
- 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 their estate to repay any outstanding eligible expenses and funeral and burial costs. Remaining funds will be transferred to the estate of the beneficiary. Due to the passage of Senate Bill 1027 during the... Read more
- How is an ABLE account different from a Special Needs Trust or a Pooled Trust?
- ABLE accounts, Special Needs Trusts (SNTs), and Pooled Trusts are all financial tools that can help people with disabilities to save money. The best option depends on your situation and goals. An ABLE account won’t replace a Special Needs Trust or a Pooled Trust. Read on for an outline of some key... Read more
- Can money in an ABLE account be recovered in a bankruptcy?
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No. The Oregon ABLE Savings Plan is protected from bankruptcy.
- Can I roll over the funds in an existing ABLE account into an Oregon ABLE account?
- Yes. You can choose to roll over part or all the funds in your existing ABLE account into an Oregon ABLE account by filling out the ABLE to ABLE Rollover Form. Keep in mind that you can make only one rollover every 12 months. An ABLE account can also be rolled over to an eligible member of the... 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 an ABLE account are subject to federal estate tax. After the death of the beneficiary, ABLE funds can be used to pay any outstanding qualified disability expenses of the deceased individual and any state claim under section 529A(f) before they are transferred to... Read more
- What is a successor designated beneficiary?
- When the primary beneficiary dies, the person designated as the successor beneficiary becomes the primary beneficiary on the ABLE account. A successor for an ABLE account must be a sibling, step-sibling, or half-sibling of the account owner and must also qualify for an ABLE account. A successor... Read more
