California Welfare and Institutions Code

§ 4885

WIC § 4885 Effective Jan 1, 2023Div. 4.5 · Ch. 15

Statute text

(a)Notwithstanding any other state law, and only to the extent permitted under federal law, the program may permit a change in the designated beneficiary of an ABLE account, made during the life of the designated beneficiary, to take effect upon the death of the designated beneficiary. The amount to be transferred pursuant to the successor beneficiary designation is subject to all of the relevant payment and tax provisions of the federal ABLE Act.

(b)Following the death of a designated beneficiary, and only after the State Department of Health Care Services has received approval by the federal Centers for Medicare and Medicaid Services, both of the following shall apply:

(1)For CalABLE accounts established on or after January 1, 2023, the following shall apply:

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Legislative history

Amended by Stats. 2022, Ch. 896, Sec. 3. (AB 2216) Effective January 1, 2023.