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§ 18-19C-10. Transfer of money and assets from an ABLE account

West's Annotated Code of MarylandEducationEffective: June 1, 2023

West's Annotated Code of Maryland
Education (Refs & Annos)
Division III. Higher Education [Titles 10-20] (Refs & Annos)
Title 18. Student Financial Assistance (Refs & Annos)
Subtitle 19c. Maryland Able Program (Refs & Annos)
Effective: June 1, 2023
MD Code, Education, § 18-19C-10
§ 18-19C-10. Transfer of money and assets from an ABLE account
Currentness
In general
(a) Unless prohibited by federal law, on the death of a designated beneficiary, money and assets in an ABLE account may be transferred to:
(1) The estate of the designated beneficiary; or
(2) An ABLE account for another eligible individual specified by the designated beneficiary or the estate of the designated beneficiary.
Seeking payment from an ABLE account prohibited under certain circumstances
(b) Unless required by federal law, an agency or instrumentality of the State may not seek payment under § 529A(f) of the Internal Revenue Code from an ABLE account or its proceeds for any amount of medical assistance paid for the designated beneficiary.

Credits

Added by Acts 2018, c. 390, § 1, eff. June 1, 2018; Acts 2018, c. 391, § 1, eff. June 1, 2018. Amended by Acts 2023, c. 113, § 1, eff. June 1, 2023.
MD Code, Education, § 18-19C-10, MD EDUC § 18-19C-10
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document