Skip to main content
Find a Lawyer

Arkansas Code Title 20. Public Health and Welfare § 20-3-109. Naming of designated beneficiary and transfers of ABLE accounts

Current as of March 28, 2024 | Updated by Findlaw Staff

(a) An ABLE account owner shall have the right to name the designated beneficiary of an ABLE account and at any time to change the designated beneficiary of an ABLE account to an eligible individual who is a member of the family of the former designated beneficiary.

(b) At the direction of an ABLE account owner, all or a portion of an ABLE account may be transferred to another ABLE account whose designated beneficiary is a member of the family of the designated beneficiary of the transferee ABLE account if the transferee ABLE account was created by this chapter or in accordance with an Achieving a Better Life Experience Program as provided under the Tax Increase Prevention Act of 2014, Pub. L. No. 113-295.

(c)(1) Unless prohibited by federal law, upon the death of a designated beneficiary, proceeds from an account may be transferred to:

(A) The estate of a designated beneficiary; or

(B) An account for another eligible individual specified by the designated beneficiary or the estate of the designated beneficiary.

(2) An agency or instrumentality of the state shall not seek payment under 26 U.S.C. § 529A(f), as in effect on January 1, 2019, from the account or its proceeds for benefits provided to a designated beneficiary.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Arkansas Code Title 20. Public Health and Welfare § 20-3-109. Naming of designated beneficiary and transfers of ABLE accounts - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-20-public-health-and-welfare/ar-code-sect-20-3-109/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard