Don't Miss Out! How to Set Up Your ABLE Account Now

Ready to save for disability-related expenses without jeopardizing your SSI or Medi-Cal benefits? An ABLE (Achieving a Better Life Experience) account might be the answer.

In this video, estate planning attorney Ellen Cookman will walk you through how to open a CalABLE account in California step by step, including why it’s crucial to open a bank account first, what information you’ll need for CalABLE, and how to choose your investment options.

We’ll also discuss:
-Why CalABLE can shield you from Medi-Cal payback if you’re a California resident
-The minimum deposit requirement and your options for adding funds
-How to request a Visa debit card to manage ABLE funds easily
-What happens to ABLE assets after the account owner passes away—and why there’s no direct beneficiary designation

If you would like to set up an estate plan where your loved one’s special needs trust can interact with the loved one’s ABLE accounts, schedule a consultation at cookmanlaw.com/talk-to-intake-team.

Also, be sure to check out our other videos on ABLE accounts for more tips on saving wisely while keeping your benefits intact!

Thank you for watching, and don’t forget to join our monthly newsletter for the latest updates on special needs planning. https://cookmanlaw.com/newsletter/


Timestamps:

00:00 - Intro
00:33 - How to set up an ABLE account
01:17 - The main benefit of a CalABLE account
03:27 - Why ABLE accounts don’t have beneficiary designations
04:04 - How are ABLE account funds distributed after death?
04:46 - Next steps

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