Depending on circumstances, it may be beneficial to have both types of accounts.
ABLE (Achieving A Better Life Experience) accounts and special needs trusts function differently. Visible National Trust and each individual’s separate trust account are managed by an independent, professional trustee. There are no limits to the amount of money that can be placed into a separate trust account.
ABLE self-managed saving and spending accounts also provide a way to set money aside, use it for qualified disability expenses, and maintain access to benefits. Annual contributions are limited to $17,000 in 2023 and the disability must have occurred prior to attaining age 26. ABLE account balances up to $100,000 are not counted as a resource for SSI benefits. Investment gains in ABLE accounts grow on a tax-deferred basis. Visit the ABLE National Resource Center for more information.