Source: http://www.wvlegislature.gov/WVcode/code.cfm?chap=16&art=48
Timestamp: 2020-02-23 23:20:17
Document Index: 98774190

Matched Legal Cases: ['§16', '§ 529', '§44', '§ 401', '§ 1381', '§44', '§18']

§16-48-6. Establishment of ABLE savings account by designated beneficiary, parent, conservator, guardian or attorney in fact.
(a) "ABLE Act" means the federal legislation codified in Section 529A of the Internal Revenue Code of 1986, 26 U.S.C. § 529A, and related treasury regulations, as amended from time to time. Any references in this article to Section 529A include related treasury regulations.
(b) "Account" or "ABLE savings account" means an individual savings account established in accordance with the provisions of this article.
(c) "Account owner" means designated beneficiary as defined in the ABLE Act.
(d) "Attorney in fact" means a person named in a power of attorney with the authority to open and manage an account.
(e) "Conservator" means a person appointed by the court pursuant to §44A-1-1 et seq. of this code.
(f) "Designated beneficiary" means a West Virginia resident who owns the account and who was an eligible individual when the account was established or who succeeded the former designated beneficiary.
(g) "Eligible individual" means an individual who is entitled to benefits based on blindness or disability under 42 U.S.C. § 401 et seq. or 42 U.S.C. § 1381 et seq., as amended, and such blindness or disability occurred before the date on which the individual attained the age specified in the ABLE Act, or an individual who filed a disability certification, to the satisfaction of the secretary, with the secretary for such taxable year.
(h) "Financial organization" means an organization authorized to do business in the State of West Virginia and is:
(i) "Guardian" means a person appointed by the court pursuant to §44A-1-1 et seq. of this code.
(j) "Management contract" means the contract executed by the Treasurer and a financial organization selected to act as a depository and manager of the program.
(k) "Member of the family" has the meaning contained in the ABLE Act.
(l) "Nonqualified withdrawal" means a withdrawal from an account which is not:
(m) "Program" means the West Virginia ABLE Act savings program established pursuant to this article.
(n) "Program manager" means a financial organization selected by the Treasurer to act as a depository and manager of the program.
(o) "Qualified disability expense" means any qualified disability expense included in the ABLE Act.
(p) "Qualified withdrawal" means a withdrawal from an account to pay the qualified disability expenses of the designated beneficiary of the account.
(q) "Rollover distribution" means a rollover distribution as defined in the ABLE Act.
(r) "Savings agreement" means an agreement between the program manager or the Treasurer and the account owner.
(s) "Secretary" means the secretary of the United States Treasury.
(t) "Treasurer" means the State Treasurer.
(c) the Treasurer shall propose rules for legislative approval in accordance with the provisions of article three, chapter twenty-nine-a of this code necessary to implement the provisions of this article.
(a) Any ABLE savings accounts established pursuant to the provisions of this article shall be opened and managed by a designated beneficiary, or a parent, conservator, guardian or attorney in fact of a designated beneficiary who lacks capacity to enter into a contract and each beneficiary may have only one account. In the absence of a conservator, a guardian may manage an ABLE account regardless of the amount of a designated beneficiary"s personal assets. The Department of Health and Human Resources may not manage an ABLE account. The Treasurer may establish a nonrefundable application fee. An application for such account shall be in the form prescribed by the Treasurer and contain:
(1) The name, address and social security number of the designated beneficiary;
(2) The name, address and social security number or federal employer identification number of the person or entity opening or managing the ABLE account on behalf of the designated beneficiary;
(b) Any person may make contributions to an ABLE savings account after the account is opened, subject to the limitations imposed by the ABLE Act.
(A) Value of the account is equal to or greater than the account maximum established by the Treasurer. Such account maximum must be equal to the account maximum for postsecondary education savings accounts established pursuant to §18-30-1 et seq. of this code; or
(A) Change the designated beneficiary of an account to an eligible individual who is a member of the family of the prior designated beneficiary in accordance with procedures established by the Treasurer; and
(B) Transfer all or a portion of an account to another ABLE savings account, the designated beneficiary of which is a member of the family as defined in the ABLE Act.
(3) Statements shall be provided to each account owner at least four times each year within 30 days after the end of the three-month period to which a statement relates. The statement shall identify the contributions made during the preceding three-month period, the total contributions made to the account through the end of the period, the value of the account at the end of such period, distributions made during such period and any other information that the Treasurer requires to be reported to the account owner.
(2) Moneys in an ABLE savings account or a qualified withdrawal:
(A) Are exempt from attachment, execution or garnishment;
(B) Are disregarded for the purposes of determining eligibility for or the amount of a public assistance program, unless required by federal law;
(C) Are not subject to claims by the West Virginia Department of Health and Human Resources unless required by federal law; and
(D) On the death of the designated beneficiary, shall be transferred to the estate of the designed beneficiary, unless prohibited by federal law.
(b) The Treasurer may propose rules for legislative approval in accordance with the provisions of article three, chapter twenty-nine-a of this code to provide that every contract, application or other similar document that may be used in connection with opening an account clearly indicates that the account is not insured by the state and that the principal deposited and the investment return are not guaranteed by the state.