Yes

The account beneficiary may open their ABLE Account or may authorize anyone they select to become an authorized representative. If the beneficiary is unable to establish their own account, one of the persons allowed by regulation may open and manage the account, i.e. POA, conservator or legal guardian, spouse, parent, sibling, grandparent, representative payee appointed by the SSA -- in that order. An authorized representative may only act for the benefit of the beneficiary and may not have a beneficial interest in the account for the lifetime of the beneficiary.

To be eligible for an ABLE savings plan, an individual must have been diagnosed with a disability before age 26, and be eligible to receive benefits under Supplemental Security Income (SSI) and/or Social Security Disability Insurance (SSDI). Individuals who are not receiving SSI and/or SSDI may still be eligible if they meet the age requirement and have been diagnosed by a licensed physician and received a letter of certification.

$17,000 may be deposited per year for qualified disability expenses. Additional deposits subject to certain limits may be made by individuals who are employed or self-employed. Eligible individuals may save up to the maximum balance limit, currently $520,000. All the deposit/balance limits are subject to change. A Saver's Credit is available for a qualifying beneficiary.

A $25 minimum deposit is required to open an account.

An FDIC insured checking account as the sole account option.

There is no monthly service charge for accounts. Accounts are subject to Bangor Savings Bank's Common Fee Schedule.

Maine's treatment substantively conforms with federal treatment for qualifying deposits, withdrawals, and rollovers. Maine does not provide for a comparable Saver's Credit for Maine income tax purposes. Maine's treatment also substantively conforms with federal treatment for Estate tax purposes.

Expenses incurred at a time when the beneficiary is an eligible individual that relate to the blindness or disability of the beneficiary, and are for the benefit of the beneficiary in maintaining or improving their health, independence, or quality of life. Such expenses include, but are not limited to, expenses related to the beneficiary's education; housing; transportation; employment training and support; assistive technology and related services; personal support services; health; prevention and wellness; financial management and administrative services; legal fees; expenses for oversight and monitoring; funeral and burial expenses; and other expenses that may be identified from time to time by the IRS.

The CMS guidance can be found at Implications of the ABLE Act for State Medicaid Programs on the CMS website. Please consult with your state's Medicaid office with any additional questions.

nder Section 529A, following the death of the account owner, any state may file a claim against the account owner or the account itself for the amount of the total medical assistance paid for the account owner under the state's Medicaid plan after the establishment of the account (or any ABLE account from which amounts were rolled or transferred to the current account). The amount paid in satisfaction of such a claim is not a taxable withdrawal from the account. Further, the amount is to be paid only after the payment of all outstanding payments due for the qualified disability expenses of the account owner and is to be reduced by the amount of all premiums paid by or on behalf of the account owner to a Medicaid Buy-In program under that state's Medicaid plan.

Yes, Bangor Debit Mastercard

Only the beneficiary or their authorized representative may initiate a withdrawal from an account.

A rollover to another beneficiary who is an eligible individual and a member of the family of the current beneficiary may take place at any time without federal income tax consequences. A transfer of money in an account to a person who is not a member of the family will be subject to federal income tax on any earnings on the account.

No

207-942-5211 OR 1-877-Bangor1 (1-877-226-4671)