Michigan Laws 206.997 – Consideration of financial circumstances for purpose of assistance program; effect of ABLE savings account
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Terms Used In Michigan Laws 206.997
- ABLE: means achieving a better life experience. See Michigan Laws 206.982
- account: means an account established under this act. See Michigan Laws 206.982
- 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
- Internal revenue code: means the United States internal revenue code of 1986 in effect on January 1, 2015 or at the option of the taxpayer, in effect for the current year. See Michigan Laws 206.982
- Program: means the Michigan ABLE savings program established pursuant to this act. See Michigan Laws 206.982
- Qualified disability expenses: means that term as defined in section 529A of the internal revenue code. See Michigan Laws 206.982
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(1) Notwithstanding any other provision of law regarding an assistance program offered by this state that requires consideration of 1 or more financial circumstances of an individual, for the purpose of determining eligibility to receive, or the amount of, any assistance or benefit authorized by that provision to be provided to or for the benefit of an individual, any amount and interest earned on an ABLE savings account for the individual, any contributions to the ABLE savings account of the individual, and any distribution for qualified disability expenses shall be disregarded as provided in section 10g of the social welfare act, 1939 PA 280, MCL 400.10g, with respect to any period during which the individual maintains, makes contributions to, or receives distributions from his or her ABLE savings account.
(2) Upon the death of the designated beneficiary, the amount remaining in his or her ABLE savings account shall be distributed pursuant to section 529A(f) of the internal revenue code.