§ 17:3088.1 — ABLE accounts of deceased designated beneficiary; termination; transfer of

Louisiana § 17:3088.1

• Jurisdiction: Louisiana
• Title 17: Credit Union Law

Text

§3088.1. ABLE accounts of deceased designated beneficiary; termination; transfer of
monies; prohibited actions
A. Notwithstanding any other provision of law to the contrary, when a designated
beneficiary dies, the program account established on his behalf shall be terminated. Monies
remaining in the account, after payment of all of the designated beneficiary's qualified
disability expenses defined in this Chapter, may be transferred as specified by the account's
owner to either another ABLE program account permitted by Section 529A of the Internal
Revenue Code or to the estate of the designated beneficiary.
B. If the program account of a deceased designated beneficiary does not specify
where monies remaining in the account are to be transferred, the remaining monies shall be
deposited in the Disability Services Fund separate account established by R.S.
28:826(B)(2)(d) to be appropriated and used as provided in R.S. 28:826(C)(1)(c).
C. The state shall not file a claim for payment under Subsection (f) of Section 529A
of the Internal Revenue Code or seek recovery of any amount remaining in the program
account of a deceased designated beneficiary for payments made for qualified disability
expenses.

Legislative History

Acts 2023, No. 96, §1, eff. June 6, 2023.