South Dakota and Enable Accounts for those on Disability

by | Jul 8, 2024 | Uncategorized

Introduction to ABLE Accounts

If you or a loved one is managing finances under the shadow of disability, understanding ABLE accounts can be a game-changer. An ABLE account offers those with disabilities a way to save for their future without risking eligibility for crucial public benefits like Medicaid or SSI.

Meet Rhonda Erickson – A Guide on Your Journey

In Sioux Falls, specialists like Rhonda Erickson of the South Dakota Benefit Specialist Network provide invaluable guidance. Rhonda helps individuals navigate the complexities of Social Security, Medicaid, and how employment income affects these benefits. She was instrumental when my family moved to Sioux Falls, offering clarity and support as we managed our son’s financial future. She has been an amazing resource who is always prompt and eager to assist.

Setting Up an ABLE Account

Setting up an ABLE account is straightforward. Here’s what you need to know:

Eligibility: Must have a severe disability with onset before age 46.

Contributions: Up to $18,000 annually, with additional contributions if employed.

Investment Options: Various options, including mutual funds.

Rhonda reports that setting up an account typically takes about 30-45 minutes, offering a swift solution for long-term financial peace.

Why Consider a Special Needs Trust?

South Dakota is one of the very few states where their banks do not handle special needs trust. So you have to open an account in another state.

For sums over $18,000, a special needs trust is advisable, protecting larger assets without affecting benefit eligibility. This legal arrangement ensures that inheritances do not count as income, safeguarding health benefits and other support.

Visit Home – ABLE National Resource Center ( I found the information on Debunking Able Myths very helpful and informative.

For more detailed advice, you can reach out to:

Rhonda Erickson at 605-367-5300 ext. 263

Rhonda recommends Bryan Eden from Primerica for insights on ABLE accounts at (605) 254-4678 or Rhonda has been working in this field for decades and has many qualified referral sources for you.