[MD-Sligo] Information about ABLE accounts

[Sharon Maneki]

Hello all,
Thanks to those of you who attended the seminar on June 7th. Information
from the ABLE session on Saturday will eventually be on the NFBMD website
in the Advocacy section. I will advise you when it is up. In the meantime,
below is the brochure about ABLE which has many of the things Kelly Nelson
discussed.

*Sharon Maneki, Director of Legislation and Advocacy*
National Federation of the Blind of Maryland
410-715-9596

The National Federation of the Blind of Maryland knows that blindness is
not the characteristic that defines you or your future. Everyday we raise
the expectations of blind people, because low expectations create obstacles
between blind people and our dreams. You can live the life you want;
blindness is not what holds you back.

Maryland ABLE 2025 Brochure Achieving a Better Life Experience Supporting
Financial Freedom and Greater Quality of Life for People with Disabilities


What Is Maryland ABLE? It is an investment tool for people with
disabilities, designed to help Beneficiaries save and invest in a
tax-advantaged account for their everyday needs and prepare for the future
without losing access to federal, or state means tested benefits. Who Can
Have an ABLE Account?

You can open an ABLE account at ANY age as long as: You experienced the
onset of disability or

blindness prior to the age of 26, which will change to age 46 on January 1,
2026. You are entitled to receive SSI or SSDI, or have a signed physician’s
diagnosis form that can be provided to the Program or the IRS upon request.


Who Can Open an Account?

You, as the beneficiary if you are over age 18; or you’re an Authorized
Legal Representative (ALR) for someone with a qualifying disability.
ABLE Account Holder Benefits

Contributions up to $19,000 in 2025 for a wide range of qualified
disability expenses. Check the Program Disclosure Book for current year.

Tax free account growth and tax-free withdrawals for qualified disability
expenses.

Contributions to a Maryland ABLE account can result in a subtraction up to
$2,500 per contributor, per beneficiary, from gross taxable income when
filing Maryland State income taxes.

Save up to $100,000 in an ABLE account before impacting SSI cash benefits.

Make contributions up to a maximum account value of $500,000.

Transfer money to a pre-loaded card option for easy access to funds.

Personalize an online gifting page and share with friends and family.

Make contributions to an ABLE account via payroll deductions or by rolling
over funds from a 529 college savings plan for the beneficiary, or a member
of the beneficiary’s family.

Manage account via the online dashboard or mobile app, available for iOS
and Android devices.

Additional contributions may be made by Beneficiaries who work. For more
information, review the ABLE to Work benefits in our Program Disclosure
Booklet available at www.MarylandABLE.org
Opening a Maryland ABLE Account

It only takes an initial deposit of $25 to open an account! Once you are
ready to enroll, you can set up your account online or you can mail a paper
enrollment form. When opening a Maryland ABLE account, be sure to have the
Beneficiary’s (and ALR’s, if applicable) Social Security Number and bank
account information to link to the account.
Account Fees

There is an annual fee of $35 for a Maryland ABLE account to keep
everything running smoothly. There are also annual asset-based fees charged
for each Investment Option. See the Program Disclosure Booklet for more
details.
Maryland ABLE Portfolio Options

Cash Option is FDIC-insured banking product similar to a savings account.

Four Investment Options designed for different investment objectives and
risk tolerances: the Fixed Income, Conservative, Moderate and Aggressive
portfolios.

Account owners can choose to: Deposit all of your money in the Cash Option,
put all of your money in one or more of the Investment Options, or split
your money between the Cash Option and one or more of the Investment
Options.

If you decide to split where you put the money in your account, you have to
put at least $5 in each option that you select.
Examples of Qualified Disability Expenses

BASIC LIVING EXPENSES such as gas, electric, water, food, etc.

HEALTH AND WELLNESS which can include but are not limited to medical bills,
medication, exercise services, and medical equipment.

HOUSING such as mortgage, property taxes, and rent.

EDUCATION AND TRAINING which include textbooks, tuition, certification
programs, and trade schools.

EMPLOYMENT including work-related expenses, license and certification fees,
and job coaching.

TRANSPORTATION such as buses, metro, subway, taxi, Uber, Lyft, trains, and
plane.

FINANCIAL MANAGEMENT AND LEGAL FEES including tax preparation, legal and
court fees, and financial advisor services.

ASSISTIVE TECHNOLOGY including but not limited to hearing aids, computers,
screen readers, and iDevices.

BURIAL FEES AND EXPENSES including pre-planning fees, pre-paid cemetery
plots, and funeral and burial expenses.
Thinking About Opening a Maryland ABLE Account?

You can visit the marylandable.org website or call customer support at
855-5MD-ABLE (563-2253). They are available Monday – Friday 9 A.M. to 9
P.M. Eastern Standard Time

Enrolling in the Maryland ABLE program is an important decision for you and
your family. Please read the entire Program Disclosure and Participation
Agreement carefully before deciding to enroll. The Maryland ABLE Program
Disclosure provides investment objectives, risks, expenses and costs, fees,
and other information you should consider carefully before investing. If
the Beneficiary lives outside of Maryland, you should consider any ABLE
program offered by the Beneficiary’s home state prior to making a decision
to invest in the Maryland ABLE program. Keep in mind that state-based
benefits should be one of many appropriately weighted factors to be
considered when making an investment decision. Maryland ABLE accounts are
not guaranteed by the State of Maryland, any state agency or subdivision
thereof, or their authorized agents or affiliates. You could lose money by
investing in a Maryland ABLE account. Consider investment objectives,
risks, charges and expenses before investing.
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