The minimum initial contribution to open an Account is $50, and there is a minimum of $25 for subsequent contributions. After you’ve read the Program Disclosure Statement, you are ready to enroll. Follow these simple steps:
- Confirm that the Designated Beneficiary meets eligibility requirements and has necessary supporting documentation.
- Gather the information you’ll need to enroll (for instance SSN, contact information, and date of birth for the Designated Beneficiary and Authorized Legal Representative, if any; and bank information if you plan to select ACH or EFT contribution).
- Review the Investment Options to determine your selection(s), seeking advice as necessary from your financial or investment advisor.
- Select “Enroll”.
The Texas ABLE Program is an online program, which means you can enroll and manage your Account online. In order to open an Account, you must certify that you possess the appropriate documentation related to your eligibility. Also, if you establish an Account as an Authorized Legal Representative on behalf of a Designated Beneficiary, you must certify that you possess the appropriate documents during online enrollment. The program reserves the right to request documents supporting your eligibility (such as the Social Security Administration’s SSI or SSDI letter or a physician’s written diagnosis) or demonstrating your status as an Authorized Legal Representative for the Designated Beneficiary.
After enrolling in the Program, an Authorized Legal Representative may receive an email notification or letter requesting submission of supporting documentation to validate his or her legal authority to act on behalf of the Designated Beneficiary. Documentation must be received by the Program before an Authorized Legal Representative will be able to transact on the Account. The Authorized Legal Representative cannot have the power to acquire any beneficial interest in the Account or funds held therein and must administer the Account solely for the benefit of the Designated Beneficiary in accordance with Section 529A of the IRC and the proposed, and any final, tax regulations. In other words, the Authorized Legal Representatives must not have the authority to make gifts to themselves. Documentation must be received by the Program within ninety days of enrollment in the Program or the Account may be suspended or closed and refunded.