Tips on the “What and Where” of IL ABLE Accounts
Opening an Illinois ABLE account is an easy process. Accounts can be opened online, or you can download, print and mail a completed application.
Here Are Five Things to Know, or Do, Before You Get Started:
- Gather the account owner’s information including social security number, mailing address, email, and phone number.Remember the account owner is the individual with the disability.
- Gather the parents’/guardians’ information including social security number, mailing address, email, and phone number if a parent/guardian will be opening and managing the account for the account owner. Remember, in this case, the parent/guardian will be the Authorized Individual on the account and the person with the disability will always be the account owner.
- Familiarize yourself with the Plan Disclosure Documents, which contain specific information regarding every aspect of the IL ABLE plan including: detailed investment information, checking/debit account information, Illinois State Tax considerations, 529 rollovers and so much more. Find the Plan Disclosure Documents here.
- Gather a copy of the birth certificate if you will be opening and managing the IL ABLE account as the Authorized Individual for an adult child. Gather guardianship documents – Guardianship of the Person or Guardianship of the Estate- if you will be opening and managing the IL ABLE account as the Authorized Individual for an minor or adult who is under your guardianship.
For a complete checklist of things you will need read “Checking It Twice.”
Need more facts? Check out the IL ABLE FAQs
Customer Service is available if you need help opening an IL ABLE account. Monday – Friday, 8:00 am – 5:00 pm CT at (888) 609-8683.
Check out what the IRS has to say about ABLE here.
Are you ready to open an Illinois ABLE account? Click here.