FAQs
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- About ABLE
- Account Management
- Additional Tax Benefits and Penalties
- ALR
- Banking and Investments
- Contributions and Withdrawals
- Eligibility
- Getting Started with ABLE
- Gifting
- Prepaid Card
- Recurring Contributions
- Rollover
- Successors and Estates
- Tax Credit
- What is an Authorized Legal Representative?
- An Authorized Legal Representative (ALR) is legally authorized under state and federal law to make decisions for the ABLE beneficiary. An ALR is whoever has been selected by the eligible beneficiary with legal capacity OR has Power of Attorney, is a conservator or legal guardian, spouse, parent,... Read more
- Can there be more than one Authorized Legal Representative (ALR)?
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There can be only one Authorized Legal Representative (ALR) per account, but you can change an ALR by filling out a Change of Authorized Legal Representative Form.
- Does the Authorized Legal Representative (ALR) own the account with the beneficiary?
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No. Regardless of who opens the account, the Hawai'i ABLE account beneficiary is the sole owner of the funds.
- Who owns the Hawai'i ABLE account?
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The money in a Hawai'i ABLE account always belongs to the beneficiary, regardless of who opened the account. ABLE accounts can be opened and managed by an Authorized Legal Representative (ALR), such as a parent or guardian, however, the money still belongs to the beneficiary.
- Can I close and transfer my ABLE for ALL Savings Plan to a different ABLE account?
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Yes, but you can make only one rollover every 12 months. Use the ABLE plan’s rollover forms to start the process.
- Can I roll over the funds in an existing ABLE account into a Hawai'i ABLE account?
- Can I roll over the funds in an existing ABLE account into an Hawai'i ABLE account? Yes. You can choose to roll over part or all the funds in your existing ABLE account into a Hawai'i ABLE account by filling out the ABLE to ABLE Rollover Form. Keep in mind that you can make only one rollover every... Read more
- Does my location matter?
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Nope. A Hawai’i ABLE Savings Program account is available nationwide to eligible U.S. citizens.
- What type of disabilities qualify for an ABLE account?
- Any disability that meets the criteria for Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI), and developed before the age of 26†, is eligible for an ABLE account. Some of the conditions recognized by the Social Security Administration that could qualify based on the... Read more
- How do gifting limits work?
- Gift contributions count towards your standard contribution limit for the year. Friends and family will be prevented from making gift contributions that go beyond the gifting limit you set, but gift contributions could also be capped by contributions you make. For example, if your gifting limit is... Read more
- How can I roll over the funds in my Hawai'i ABLE account into another ABLE account?
- We'd be sorry to see you go! You can choose to roll over part or all the funds in your Hawai'i ABLE Savings Plan account into another ABLE plan by filling out a rollover form from your new ABLE Savings Plan. Keep in mind that if you roll over your entire account balance, your Hawai'i ABLE account... Read more
