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ABLE Accounts Now Available in Four States

September 08, 2016

Two years after the passage of the Achieving a Better Life Experience (ABLE) Act, four states -- Florida, Nebraska, Ohio and Tennessee -– have ABLE plans up and running, and all but Florida allow out-of-state beneficiaries to open accounts.

States have been slow to create the appropriate regulations governing ABLE accounts, in part because the IRS and the Social Security Administration took a long time proposing regulations covering them. But now that the federal agencies have finalized their rules, it appears that more states will bring ABLE accounts online.

As you can see in this comparison chart, each state currently offering ABLE accounts differs slightly from the others when it comes to fees and funding minimums, although in most cases the charges are reasonable. All of the accounts have at least four different investment options to choose from, and Nebraska even offers a state tax deduction for contributions into an account.

We will try to keep you updated as more states begin offering plans, but for immediate updates and more information about ABLE`s rollout, you can visit the ABLE Resource Center`s website.

DISCLAIMER:The information contained in this website is based on Oregon law and is subject to change. It should be used for general purposes only and should not be construed as specific legal advice by Fitzwater Meyer Hollis & Marmion, LLP or its attorneys. Neither this website nor use of its information creates an attorney-client relationship. If you have specific legal questions, consult with your own attorney or call us for an appointment.