§ 4001.1. Definitions
Oklahoma Statutes AnnotatedTitle 56. Poor Persons
56 Okl.St.Ann. § 4001.1
§ 4001.1. Definitions
As used in this act:
2. “ABLE account” means an individual trust account or savings account owned by the designated beneficiary of the account and established to pay qualified disability expenses as prescribed in this act. Money and assets in the accounts established under the Oklahoma ABLE program or an ABLE program in any other state shall not be considered for the purpose of determining eligibility to receive, or the amount of, any assistance or benefits from local or state means-tested programs;
3. “Account owner” means a resident of this state, designated as eligible to be a beneficiary pursuant to Section 529A of the Internal Revenue Code;1
b. if the designated beneficiary is not able to exercise signature authority over his or her ABLE account or chooses to establish an ABLE account but not exercise signature authority, references to the designated beneficiary with respect to his or her actions include actions by the designated beneficiary's designated representative under a power of attorney or, if none, a parent or legal guardian of the designated beneficiary, and
c. in the case of a change in beneficiaries described in subsection E of Section 5 of this act,2 the individual who is the new beneficiary;
a. the individual has a medically determinable physical or mental impairment, which results in marked and severe functional limitations, and which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than twelve (12) months, or is blind within the meaning of Section 1614(a)(2) of the Social Security Act,3 and
b. a copy of the individual's diagnosis relating to the individual's relevant impairment or impairments, signed by a physician meeting the criteria of Section 1861(r)(1) of the Social Security Act,4 can be provided;
13. “Qualified disability expenses” means any expenses related to the eligible individual's blindness or disability which are made for the benefit of an eligible individual who is the designated beneficiary, including education, housing, transportation, employment training and support, assistive technology and personal support services, health, prevention and wellness, financial management and administrative expenses, legal fees, expenses for oversight and monitoring, funeral and burial expenses and other expenses approved under Section 529A of the Internal Revenue Code;
Credits
Laws 2016, c. 354, § 2, eff. Jan. 1, 2017.
56 Okl. St. Ann. § 4001.1, OK ST T. 56 § 4001.1
Current with emergency effective legislation through Chapter 257 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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