ABLE Account Decision Guide Series
Determining Whether Something is a Qualified Disability Expense (QDE)
Help with Managing the ABLE Account as a QDE for Financial Management, Administrative Services, Account Oversight or Monitoring
→Will the designated beneficiary need assistance with ABLE account decision making?
Examples of decisions the beneficiary will need to make include: deciding whether to open an ABLE program in their state, if available, or in another state. Exploring FDIC insured savings options, investment options, check writing, automatic bill paying and secured debit card options. Deciding what income will pay for regular monthly expenses. What income and contributions will be deposited into an ABLE account and which QDEs the ABLE account will pay. How to coordinate ABLE with programs that may help to pay for a portion of necessary items that may also be ABLE QDEs.
If yes, consider who will be included in the ABLE account owner’s circle of support: a parent or other family member or trusted friend can offer this service at little or no cost; or should the designated beneficiary (or his/her legal guardian or person with power of attorney) hire a person to provide this service.
→Will the designated beneficiary need assistance with keeping receipts for QDE purchases, reviewing ABLE account statements and making changes in savings and investment options.
Note: Our ABLE Decision Guide Series is designed as an aid to decision making as it relates to establishing and using an ABLE account. This document does not cover every possible issue related to the topic and is not a substitute to more in-depth analysis that may be required in some cases.
