What happens to funds in an ABLEnow account after the account owner dies? A recent enhancement provides ABLEnow account owners with more control.
Now, account owners can name a Designated Survivor. The Designated Survivor will receive the ABLEnow account assets in the event of the account owner’s death, following the payment of any outstanding qualified disability expenses, Medicaid claims and estate taxes of the deceased.
Add a Designated Survivor
- Login to your online account portal here or by clicking My Account in the top menu of the ABLEnow website.
- From the home screen of the account portal, select Tools & Support in the top navigation bar.
- Download the ABLEnow Designated Survivor Form and complete all sections.
- Print and mail the signed form to the address listed.
Forms will be processed three to five (3-5) business days after receipt. Once processed, account owners can verify their Designated Survivor selection by contacting Customer Service.
Following the Death of an Account Owner
Following the death of an ABLEnow account owner, the estate may use funds in the ABLEnow account to pay any outstanding qualified disability expenses.
The executor or administrator of the estate can request funds from the ABLEnow account with the Death Distribution for Estate Form which requires a copy of the death certificate and document appointing the executor or administrator of the deceased account owner’s estate.
If funds remain in the account after the distribution to the estate, the Designated Survivor can request funds from the ABLEnow account with the Death Distribution for Designated Survivor Form. The Designated Survivor assumes responsibility for any outstanding estate claims, Medicaid claims, estate taxes or other taxes and penalties.
Contact Customer Service to request these forms.
Questions
For questions regarding estate planning and ABLEnow accounts, you are encouraged to consult a tax advisor, your accountant, or attorney.
