Hawaii Revised Statutes 256B-5 – Hawaii ABLE savings accounts; terms and conditions
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Terms Used In Hawaii Revised Statutes 256B-5
- ABLE savings account: means an individual savings account established in accordance with this chapter. See Hawaii Revised Statutes 256B-1
- Account owner: means the person who enters into a savings agreement pursuant to this chapter. See Hawaii Revised Statutes 256B-1
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
- Designated beneficiary: means a resident of the State whose qualified disability expenses may be paid from the account. See Hawaii Revised Statutes 256B-1
- Director: means the director of finance. See Hawaii Revised Statutes 256B-1
- Eligible individual: means an individual who is entitled to benefits based on blindness or disability under title 42 United States Code § 401 et seq. See Hawaii Revised Statutes 256B-1
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Program: means the Hawaii ABLE savings program established under this chapter. See Hawaii Revised Statutes 256B-1
- Secretary: means the Secretary of the United States Department of the Treasury. See Hawaii Revised Statutes 256B-1
- Trustee: A person or institution holding and administering property in trust.
No account owner shall use an interest in an account as security for a loan. Any pledge of an interest in an account shall be of no force and effect.