In a 529 ABLE account, a disabled individual can have as much as $100,000 in it and still benefit from Medicaid and Supplemental Security Income (SSI). Previously, to qualify for SSI, one's assets cannot exceed $2,000. Medicaid has a similar asset cap.
Each beneficiary is limited to only one 529 ABLE account (note: one beneficiary theoretically could have unlimited number 529 college savings accounts).
Because of the limitation of only one 529 ABLE account and annual $14,000 contribution limit, it means a family needs to start as soon as possible in order to save enough money in a 529 ABLE account.
In our next blog post, we will discuss if 529 ABLE account is still needed if you already have a special-needs trust, or how do you decide between the two options.