Woman in Wheelchair in Greenhouse

Oregon ABLE Savings Plan

For qualified Oregon residents only

What is an ABLE Account?

When an individual with special needs applies for disability benefits, they must show that they do not have enough money to support themselves independently. Money held in traditional bank accounts will count against the ability to qualify for these disability benefits.

Due to this, people with special needs are not able to build savings with the money they earn or that they receive through inheritance or gifts.

 

This means that people with special needs must live with very little money if they want to receive government aid.

ABLE accounts cover this gap by giving individuals with special needs the opportunity to manage a modest bank account, while not penalizing their eligibility for SSIMedicaid, or other government benefits.

The Oregon ABLE Savings Plan

The Oregon ABLE Savings Plan is designed to be a "qualified ABLE program", which permits a beneficiary of an ABLE to make tax-free withdrawals to pay for qualified disability expenses under certain circumstances. The Oregon ABLE Savings plan accommodates Oregon residents only, for out-of-state residents the ABLE for All plan applies.

To be eligible for an ABLE savings plan, an individual must have been diagnosed with a disability before age 26, and be eligible to receive benefits under Supplemental Security Income (SSI) and/or Social Security Disability Insurance (SSDI). Individuals who are not receiving SSI and/or SSDI may still be eligible if they meet the age requirement and have been diagnosed by a licensed physician and received a letter of certification.

Account limit: $310,000 ($100,000 to maintain eligibility for SSI under either program)

Annual contribution limit: $15,000

State tax deduction/credit for contribution:

Oregon Residents

may qualify for up to a

$300 Tax Credit

for making contributions to this account

This is how it can work!

Contributions made to an Oregon ABLE Savings Plan may allow you to qualify for a tax credit! To see how this works, take a look at the visual to the right. Whether you're a parent, grandparent, friend, aunt, or any other contributor to an ABLE plan, you could potentially be receiving tax credits for your contributions.

Open to out-of-state residents: No

Minimum amount to open an account: $25

Debit or prepaid card available: Yes

Investment options: Three investment options with varying risk

Annual maintenance fees: $35 annually

Annual account balance fees: Depends on the investment option selected. The total asset-based fees range from 0.30% - 0.3702%

What qualifies as an eligible expense?

Living Expenses

Employment, Training, & Support

Administrative Services

Education

Personal Support Services

Legal Fees

Housing

Health, Prevention, & Wellness

Oversight & Monitoring

Transportation

Financial Management

Funeral & Burial

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TODD MANN FINANCIAL SERVICES INC. 
1840 5th St. Springfield, OR 97477  |  (O) 541-583-0093  |  Todd@ToddMannFinancialServices.com

Investment advice is offered through Belpointe Asset Management, LLC. Insurance and annuity products may be offered through D.H. Hill Securities, LLLP. Securities are offered through D.H. Hill Securities, LLLP, Member FINRA/SIPC. D.H. Hill Securities, LLLP, Todd Mann Financial Services Inc., and Belpointe Asset Management, LLC are not affiliated entities. Todd Mann Financial Services Inc. is currently insurance licensed in the states of Oregon, New Jersey, and Wisconsin.

Insurance and annuity products may be offered through D.H. Hill Securities, LLLP. 

 

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