Rollovers
How many Able Acts can a beneficiary have?
How many 529 Acts can a beneficiary have?
ABLE: One!
529s: Sky's the limit, you can even go into other states
Who can contribute to an ABLE account?
Anyone- but not it all counts towards the one $15,000 limit, unlike the 529 where everyone has their own $15,000 limit under tax laws.
Who can open an able account?
Either the disabled beneficiary, or their Parent/Court Appointed Guardian
Who can open an 529 account?
Anyone, they just need the name, age, and ssn of the beneficiary.
Who are your Managers?
Glade Butterfield and Gavin Worthington
Besides rolling over an able act to another firm, what else can be rolled into an able act?
529 funds! 15k limit
Without the employment benefit, how much can you contribute to the ABLE account?
With the employment benefit, how much can they contribute to the ABLE account?
$15,000
Their income up to the poverty level amount, which is 12060, so a potential grand total of $27060
Can you have a debit card or checks on an ABLE or 529 account?
No
Can you add Inquiry Access/LFT/FTA/POA on a 529 or an ABLE account?
Yes to all for 529, and for ABLE, if the bene controls the account they can, if there is a PSA, no additional authorized individuals can be added (minus an IWS relationship)
Where is Gavin from?
Canada, eh?
How can you help a client find/receive the rollover forms for either a 529 or an able account?
ekit
or, search 529 rollover/ ABLE rollover form on fidelity.com
or, search Forms on fidelity.com
or, Customer Service>I want to find a form>All Forms>529/able
or, Fidelity.com/forms>All Forms>529/able
Can you contribute with an app?
No, the Fidelity App doesn't seem to work with Able or 529 acts
Maybe checks on the mobile app
By what age does the beneficiary need to have a qualifying disability to open an ABLE account?
Bonus 200 points! What makes it a qualifying disability?
26
They are eligible to receive SSI/SSDI benefits or have, retain and provide (if required) a letter of certification from a licensed physician
How can you open an ABLE Account?
Only online, best and easiest way to drive a client there is fidelity.com/able
What are the names of the help desks?
Bryce, Brandon, Justin, Lindsey, and Matt.
How often can a bene have a rollover?
Once per 12 months
Who can link a bank account?
If the Bene is in charge of the act, then they can link their bank account.
If there is a PSA then they can add their own bank account. And the bene's bank account as a third party bank (but only for distributions)
Can you use billpay to pay bills from an ABLE account?
No, but you can open a CMA account and then use billpay on the CMA account.
Can you change the PSA?
Yes, but only to someone else qualified. Parent's are automatically qualified, anyone else needs a court document and the account will be locked down until we have that.
There can only be one PSA at a time
Of the reps, who has been in the 529 department the longest, and who has been at fidelity the longest?
Heidi and Kim
A Client moves from the NY 529 plan into the Fidelity Adviser 529 plan in March. It is now November, and they want to move it to the Unique 529 plan, is this allowed?
Yes
Are ABLE accounts eligible for front loading?
No! This is also called accelerated gifting
What happens if a beneficiary is no longer Eligible to participate in an ABLE Account?
A restriction is added to the account to indicate when the EI/DB is no longer eligible to participate in the benefits of the ABLE account.
When this is set on an account, contributions into the account will be allowed until the last day of the current year and then the account will be restricted from receiving any contributions.
DB/EI or PSA (if applicable) can call to change status from Temporary or Permanent to No Longer Eligible.
We reserve the right to request any additional documentation, including Eligibility certification documentation, from the DB/EI or PSA, if applicable.
What happens when a beneficiary passes away on an Able account?
On a 529 Account?
At that point any remaining qualifying expenses are allowed to be paid out of the ABLE account, and then Medicaid can come in and recoup their expenses. After that, remaining accounts go to the estate.
If it is a regular 529 the participant still owns the money, so they can do an unqualified dist, or do a change of bene, a UTMA 529, then the child owns the money
Where is the free 529 soda located?
In the fridge next to Gavin's desk, or in the drawers along the wall. You're welcome to as much as you want, please replace whatever you take from the fridge.