Louisiana Revised Statutes 17:3088.1 – 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
Terms Used In Louisiana Revised Statutes 17:3088.1
- 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
- Designated beneficiary: has the meaning ascribed in 26 U. See Louisiana Revised Statutes 17:3082
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 La. Rev. Stat. 28:826(B)(2)(d) to be appropriated and used as provided in La. Rev. Stat. 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.
Acts 2023, No. 96, §1, eff. June 6, 2023.