MN ABLE Act 2026: Costs, Limits & Burnsville Guide

MN ABLE Act 2026: Costs, Limits & Burnsville Guide

Navigating disability benefits and financial planning is simplified with the federal ABLE Age Adjustment expansion effective January 1, 2026, impacting families in Burnsville and Dakota County.

❓ Frequently Asked Questions (FAQ)

• What is it? A tax-advantaged savings plan allowing individuals with disabilities to save without losing public assistance like SSI or Medical Assistance (MA).
• Eligibility: Disability onset must have occurred before the age of 46 (expanded from age 26 under the ABLE Age Adjustment Act).
• Impact on SSI/Medicaid: Up to $100,000 is excluded from the $2,000 SSI resource limit. Balances over $100,000 pause monthly SSI cash payments temporarily, but Medical Assistance continues uninterrupted.
• 2026 Limits: Standard annual contribution limit is $20,000. Employed beneficiaries can add up to $15,650 in earned income (max $35,650). The lifetime maximum balance is $425,000.
• Costs: Requires a $1.00 minimum initial deposit. Annual maintenance fees are $56.00 ($31.00 with paperless/electronic delivery). Optional checking is $2.00/month (waivers available), and asset-based investment fees range from 0.28% to 0.34%.
• Qualified Expenses (QDEs): Tax-free withdrawals cover housing, education, transportation, technology, and general living expenses.
• Out-of-State Use: Residents in neighboring states without active programs can enroll in Minnesota's plan.

📍 Burnsville & Dakota County Local Resources

Accounts are opened online via the Minnesota ABLE portal rather than at physical local bank branches. Local guidance is available via:

• Disability Hub MN: Statewide resource network (1-866-333-2466).
• The Arc Minnesota: Guides and planning workshops for Dakota County residents.
• Specialized Financial Advisors: Local wealth managers for integrating ABLE accounts with Special Needs Trusts.