529A ABLE account

mcolomba387 2016-01-05 14:03:07 UTC #1

Does anyone know of a financial institution that is offering the 529A accounts? I am interested in setting one up for my disabled son, but I have called at least 10 different companies that offer 529's in various different states, and none of them offer this plan.

liztax44 2016-01-05 14:16:14 UTC #2

ABLE accounts can only be established in the state where the beneficiary is a resident. There is a limit of one account per beneficiary. DC [where I live] has passed legislation to create ABLE accounts, but they will not be available for at least 9 months. I email my city council rep for updates.

Joseph_Hurley_SFC 2016-01-06 00:32:39 UTC #3

The recently-passed tax law eliminates the residency requirement. No state has yet launched 529A accounts to my knowledge.

Joe

liztax44 2016-01-06 16:00:01 UTC #4

Here is a link [last update 12/26/15] with status by state
http://www.ndss.org/Advocacy/Legislative-Agenda/Creating-an-Economic-Future-for-Individuals-with-Down-Syndrome/ABLE-State-Bills/

pteicholz 2016-01-20 14:05:09 UTC #5

I have a grandson living in NY for whom I have setup a 529 account. I would like to setup a 529A (ABLE) account and transfer funds from the 529. Can this be done? Are there any 529A accounts supported in NY?