FAQs
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- Benefits
- Contributions
- Eligibility
- General
- Gifting
- How it Works
- Linking Bank Accounts
- Opening an Account
- Prepaid Card
- Qualified Expenses
- Successors and Estates
- Tax Benefits
- Who is Vestwell?
- Vestwell State Savings, LLC, is the plan manager for the ABLE for ALL Savings Plan — which powers the Hawai’i ABLE program — and provides the online platform for the ABLE account. Vestwell Holdings, Inc. is backed by some of the world’s largest financial institutions, and is committed to improving... Read more
- Do I have to pay taxes on my account?
- As long as the money in your ABLE account is used for eligible expenses, it won’t be counted as income for your state or federal taxes. If a purchase doesn’t qualify as an eligible expense, you’ll have to pay taxes and a 10% penalty on the amount. If you want to know more about the IRS regulations,... Read more
- How is this different from a Special Needs Trust or Pooled Trust?
- An ABLE account won’t replace a Special Needs Trust or Pooled Trust. There are some key differences that are meant to give people with disabilities and their families more options. With an ABLE account: There are fewer expenses than setting up a trust. The beneficiary owns the funds and can... Read more
- What happens to my state and federal benefits?
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Your ABLE account grows up to $100,000 without affecting your Supplemental Security Income (SSI) benefits. Other federal benefits are not affected, regardless of the balance in the ABLE account.
- How do I know if I’m an Authorized Legal Representative (ALR)?
- An Authorized Legal Representative (ALR) is someone who is legally authorized under state and federal law to make decisions for the beneficiary. You’re an ALR if you are selected by the eligible beneficiary with legal capacity, you have Power of Attorney, are a conservator or legal guardian, are a... Read more
- Can I still work and have an account?
- Yes. With the ABLE to Work Act you can even contribute up to an extra $17,310 (as of 2025) to your ABLE account if you are working, in addition to the yearly contribution limit of $19,000. Keep in mind that ABLE accounts help protect assets from counting against benefit asset limits. They do not... 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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Nope. No matter who opens the account, the beneficiary owns all the funds.
- Who owns the account?
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If the account is for yourself, the money and funds are yours. If an Authorized Legal Representative, such as a parent or guardian, opened and manages the account for a beneficiary, 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.
