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Savings Accounts and Trusts

1 / Attainable Savings Plan (ABLE) Savings Account

  • An individual is automatically eligible for a ABLE Savings Account if they receive SSDI payments

  • This account allows for tax free savings above the $2,000 SSI/Medicaid limit

  • Individuals can contribute up to $16,000/year with a maximum holding range of $235,000-550,000

  • Funds must be used for qualified disability expenses

  • You can read more about this savings account here: www.fidelity.com/able/attainable/overview

2 / Special Needs Trust

  • Account is set up by the beneficiary (individual with disability), a parent, grandparent, or other adult. Funds do not interfere with eligibility for public benefits, such as SSDI, MassHealth, SNAP Benefits or Section 8 Housing

  • Funds are unrestricted with no limitations on what they can be used for

  • No annual limit or maximum holding

  • Read about the different trust options here: https://www.ablenrc.org/able-account-special-needs-and-pooled-trust-comparison-chart/

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