ABLE ACT UPDATE 2017

ABLE ACT UPDATE 2017

 Over two years after the ABLE Act was passed, fewer than half of the fifty states are offering ABLE accounts. The good news is that the number is growing on a monthly basis. In January, a consortium of fourteen states has begun launching their plans. Among these states is Illinois. Please see the state graphic below for a view of the states that have open plans as of January 30, 2017. In the future, you can visit www.ablenrc.org to view an updated listing of states that have plans available. This website also offers a simple comparison tool that allows families to compare features of the various state plans. Thus far, we favor the TN plan which is available to non-residents. It has among ...

ABLE Accounts—Now they exist!

ABLE Accounts—Now they exist!

As of June 1, 2016, Ohio is accepting applications for 529 ABLE Accounts.  As we had anticipated, they are the first state to offer the plans.  While being first is certainly an advantage for Ohio, it does not mean that their plan will be optimal for all individuals.  To their credit, Ohio has chosen to use low-cost Vanguard mutual funds as the investment options for their plan.  They have also simplified the investment selection process by only offering five choices. While residents of any state may opt to use the Ohio “STABLE” Account as their 529 ABLE Account, there will soon be other state options.  In reviewing the details of the Ohio plan, the fees charged for in-state resid ...