Finding the Funds to Save in an ABLE Account

See more detailed explanations above, regarding similar sources of contributions from account owner’s own income and resources. Family or friend’s earnings (including a potential direct deposit from earnings) Family or friend’s federal or state tax refunds (having maximized use of tax credits and deductions) Wide range of family or friend’s other monthly income, and lump sums received or to be received

Using these alternative gifting strategies accomplishes two things: it ensures funds go into the account owner’s ABLE account; and it ensures that means-tested programs like SSI and Medicaid do not consider these directed gifts to be income, with the potential to affect the SSI payment rate or Medicaid eligibility.} Caution: In general, crowdfunding which meets the definition of a gift (such as “GoFundMe”) may be counted as “unearned income” and may count as a countable resource by SSA, Medicaid and means tested programs. Always verify through your benefits provider..

See https://www.ablenrc.org/giving-and-receiving-the-gift-of-independence-gift-cards/#:~:text=A%20Gift%20of%20Independence%20gift,card%20to%20support%20their%20savings. (at this site family, friends, and others may purchase a Gift of Independence to contribute to the beneficiary’s ABLE account).