Terms Used In Louisiana Revised Statutes 17:3087

  • ABLE account: means a special savings account for financing of certain qualified expenses of persons with disabilities as specifically provided for in this Chapter that conforms with all applicable standards and requirements set forth for ABLE accounts in the ABLE Act. See Louisiana Revised Statutes 17:3082
  • 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
  • Designated beneficiary: has the meaning ascribed in 26 U. See Louisiana Revised Statutes 17:3082
  • Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
  • Qualified disability expense: means an expense made for a purpose authorized in federal law and regulation relative to ABLE accounts for the benefit of a person with a disability who is a designated beneficiary participating in the program. See Louisiana Revised Statutes 17:3082

            In accordance with Section 103 of Title I of Division B of Public Law 113-295, for the purpose of determining eligibility to receive, or the amount of, any assistance or benefit authorized to be provided to or for the benefit of a designated beneficiary by a means-tested federal assistance program, the following amounts shall be disregarded for such purpose with respect to any period during which the beneficiary maintains, makes contributions to, or receives distributions from an ABLE account:

            (1) Any amount, including earnings thereon, in the ABLE account of the designated beneficiary.

            (2) Any contributions to the ABLE account of the designated beneficiary.

            (3) Any distribution from the ABLE account for a qualified disability expense.

            Acts 2016, No. 604, §1.

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