Go to Previous Versions
of
this Section
Arkansas Code of 1987 (2023)
Title 20 - PUBLIC HEALTH AND WELFARE (§§ 20-2-101 — 20-86-113)
Subtitle 1 - GENERAL PROVISIONS (§§ 20-2-101 — 20-3-113)
Chapter 3 - ACHIEVING A BETTER LIFE EXPERIENCE PROGRAM ACT (§§ 20-3-101 — 20-3-113)
Section 20-3-109 - Naming of designated beneficiary and transfers of ABLE accounts
Universal Citation:
AR Code § 20-3-109 (2023)
Learn more
This media-neutral citation is based
on the American Association of Law Libraries Universal Citation Guide and is not
necessarily the official citation.
- (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.
- (1) Unless prohibited by federal law, upon the death of a designated beneficiary, proceeds from an account may be transferred to:
Amended by Act 2019, No. 59,§ 1, eff. 7/24/2019.
Added by Act 2015, No. 1238,§ 1, eff. 7/22/2015.
Disclaimer: These codes may not be the most recent version. Arkansas may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.