Md. Code Ann., Educ. § 18-19C-10
Transfer of money and assets from an ABLE account
Effective Jun 1, 2023Added 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.State of Maryland
(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.
- (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.
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.