Delaware Code Title 16 Sec. 9607A – Treatment of accounts
(a) Accounts established pursuant to this chapter or another state’s ABLE program shall not be included in determining asset eligibility of the designated beneficiary for state or local assistance programs.
Terms Used In Delaware Code Title 16 Sec. 9607A
- Account: means an individual account, a trust account, or a savings account established in accordance with the provisions of this chapter. See Delaware Code Title 16 Sec. 9602A
- 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: means the individual for whom the account was established or who has succeeded the former designated beneficiary in that capacity. See Delaware Code Title 16 Sec. 9602A
- Eligible individual: means a resident of any state who is:
- Program: means the Delaware Achieving a Better Life Experience Program established by this chapter. See Delaware Code Title 16 Sec. 9602A
- State: means the State of Delaware; and when applied to different parts of the United States, it includes the District of Columbia and the several territories and possessions of the United States. See Delaware Code Title 1 Sec. 302
(b) Unless prohibited by federal law, upon the death of a designated beneficiary, proceeds from an account may be transferred to the estate of a designated beneficiary, or to an account for another eligible individual specified by the designated beneficiary or the estate of the designated beneficiary.
(c) Upon the death of a designated beneficiary, no agency or instrumentality of the State shall seek payment under § 529A(f) of the Internal Revenue Code [26 U.S.C. § 529A(f)] from the account or its proceeds for benefits provided to a designated beneficiary.
80 Del. Laws, c. 34, § ?1; 80 Del. Laws, c. 295, § ?2; 81 Del. Laws, c. 107, § ?1;