Now regulations are going to better clarify this but, who exactly can open one of these accounts? The law seems to say that the designated beneficiary themselves can open an account, a parent of the designated beneficiary, or other family member. Now what relation this person has to have as a family member, we don’t know, the mechanics of opening these accounts is still up in the air. Now, where these accounts are established is important, the account must be established in the state where the beneficiary is receiving benefits. Unlike 529, unlike those college savings accounts, you can open accounts in any state. In fact, you can have multiple accounts in multiple states. These ABLE accounts, you’re not allowed to do that. Each beneficiary can have only one account. The reason they’re requiring this establishment in the account where the beneficiary receives benefits, it’s because the law requires substantial reporting back and forth between the state agencies that administer benefits and these ABLE accounts. The law also provides a bunch of safe guards that not too much money goes in to these accounts. When we get to those limits, that’s where we’re going to see these Able accounts aren’t really what they’re cracked up to be. If 50 states were allowed to have ABLE accounts, they would have to then report to the other 50 states on this level, this pretty substantial reporting requirement. So, I don’t know whether it’s 50 to the 50th power or how to calculate what that would be, but it’s a whole lot of reporting that they have just simply avoided by saying one account in the state where you receive benefits. Now, can you have several ABLE Accounts? The answer is simple, no. One account per beneficiary. Unlike 529 college savings plans, you are limited to just one account. Any additional account, let’s say someone else does open another ABLE account for that person, the law simply says it’s going to be disregarded as an ABLE account, therefore it will be a countable resource. Because it will still be owned by the designated beneficiary.