Connecticut General Statutes 3-36a – Connecticut Baby Bond Trust: Definitions
Current as of: 2023 | Check for updates
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As used in this section and sections 3-36b to 3-36i, inclusive:
Terms Used In Connecticut General Statutes 3-36a
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
(1) “Designated beneficiary” means an individual born on or after July 1, 2023, whose birth was subject to medical coverage provided under HUSKY Health, as defined in § 17b-290;
(2) “Eligible expenditure” means an expenditure associated with any of the following, each as prescribed by the Treasurer: (A) Education of a designated beneficiary; (B) purchase of a home in Connecticut by a designated beneficiary; (C) investment in a business in Connecticut by a designated beneficiary; or (D) any investment in financial assets or personal capital that provides long-term gains to wages or wealth; and
(3) “Trust” means the Connecticut Baby Bond Trust.