ABLE accounts are tax-advantaged savings programs for eligible people with disabilities. They are established under the name of the beneficiary (i.e. the person with a qualified disability). Each person can only have one ABLE account.
Assets in an ABLE account grow tax-free and can be withdrawn without tax consequences when used for Qualified Disability Expenses.
Funds in an ABLE account not only grow tax-free, but the first $100,000 is disregarded for purposes of calculating the $2,000 asset limit set by SSI. ABLE account balances are discounted for purposes of eligibility for federal as well as Maryland means-tested programs (e.g. food stamps, HUD, etc.).