Are there dollar limits that apply to funding a SNT or ABLE account? 7

Contributions to an ABLE Account are limited to the current yearly exclusion limit which, as of 2023, is $17,000 per year. If the beneficiary is working, the ABLE to Work rules allow the beneficiary to contribute up to an additional $13,590 (as of 2023). Amounts held in an ABLE Account up to $100,000 are not included when determining eligibility for assistance programs such as SSI. If the account exceeds $100,000, SSI benefits will be suspended, and the excess funds will be considered as countable assets for other assistance programs such as Medicaid. In addition, the maximum ABLE Account limit in North Carolina is $450,000 (as of 2023). While the yearly exclusion limit applies to special needs trusts, there is no limit to the value of a SNT.

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