If you're seeking financial stability and long-term security for yourself or a loved one with a disability, look no further than MN ABLE accounts. These tax-advantaged savings plans, supported by the federal government, provide a pathway to financial independence and enhanced quality of life.
Tax-Free Savings and Earnings: Earnings on your investments grow tax-free, federally and in most states, providing a substantial advantage over traditional savings accounts. Source: ABLE National Resource Center
Supplemental Income: Contributions to an MN ABLE account do not count against eligibility for Supplemental Security Income (SSI) or Medicaid benefits. Source: Social Security Administration
Estate Planning Tool: MN ABLE accounts can be designated as a qualified disability trust, preserving assets for future care and minimizing estate taxes. Source: Internal Revenue Service
Benefit | Impact |
---|---|
Tax-Free Savings and Earnings | Increase investment returns and reduce financial burden |
Supplemental Income | Preserve eligibility for critical government benefits |
Estate Planning Tool | Protect assets for future care and minimize inheritance taxes |
To qualify for an MN ABLE account, the beneficiary must meet certain eligibility criteria, including:
Contributions to an MN ABLE account are limited to $16,000 per individual in 2023. However, additional contributions are allowed if the beneficiary meets certain criteria, such as working and earning income. Source: Internal Revenue Service
Eligibility Criteria | Requirements |
---|---|
Disability Onset | Before age 26 |
Type of Disability | Expected to last for at least 12 months or result in death |
Income Limit | Below $22,113 in 2023 |
Contribution Limits | Amount |
---|---|
Individual Contributions | $16,000 per year in 2023 |
Additional Contributions | Allowed for working beneficiaries meeting specific criteria |
Yes, you can open an MN ABLE account for a minor child with a disability. The child's parent or legal guardian must manage the account until the child reaches legal age.
Most MN ABLE accounts offer a range of investment options, including mutual funds, stocks, and bonds. The specific investments available will vary depending on the provider you choose.
You can visit the Minnesota Department of Human Services website for more information about MN ABLE accounts and how to open one.
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