Arkansas § 20-3-109 Naming of designated beneficiary and transfers of ABLE accounts

Arkansas Statutes

§ 20-3-109 — Naming of designated beneficiary and transfers of ABLE accounts

(a)An ABLE account owner shall have the right to name the designated beneficiary of an ABLE account and at any time to change the designated beneficiary of an ABLE account to an eligible individual who is a member of the family of the former designated beneficiary.

(b)At the direction of an ABLE account owner, all or a portion of an ABLE account may be transferred to another ABLE account whose designated beneficiary is a member of the family of the designated beneficiary of the transferee ABLE account if the transferee ABLE account was created by this chapter or in accordance with an Achieving a Better Life Experience Program as provided under the Tax Increase Prevention Act of 2014, Pub. L. No. 113-295.

(c)(1) Unless prohibited by federal law, upon the death of a designated beneficiary

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(a) An ABLE account owner shall have the right to name the designated beneficiary of an ABLE account and at any time to change the designated beneficiary of an ABLE account to an eligible individual who is a member of the family of the former designated beneficiary. (b) At the direction of an ABLE account owner, all or a portion of an ABLE account may be transferred to another ABLE account whose designated beneficiary is a member of the family of the designated beneficiary of the transferee ABLE account if the transferee ABLE account was created by this chapter or in accordance with an Achieving a Better Life Experience Program as provided under the Tax Increase Prevention Act of 2014, Pub. L. No. 113-295. (c) (1) Unless prohibited by federal law, upon the death of a designated beneficiary, proceeds from an account may be transferred to: (A) The estate of a designated beneficiary; or (B) An account for another eligible individual specified by the designated beneficiary or the estate of the designated beneficiary. (2) An agency or instrumentality of the state shall not seek payment under 26 U.S.C. § 529A(f) , as in effect on January 1, 2019, from the account or its proceeds for benefits provided to a designated beneficiary.

Arkansas § 20-3-109 (Naming of designated beneficiary and transfers of ABLE accounts) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.