La. Admin. Code tit. 28 § VI-519

Current through Register Vol. 50, No. 11, November 20, 2024

Section VI-519 - Substitution, Assignment, and Transfer

A. Substitute Beneficiary. The beneficiary of an ABLE account may be changed to a substitute beneficiary provided the account owner completes a beneficiary substitution form and the following requirements are met:

1. the substitute beneficiary is a member of the family as defined under §107;

2. the substitute beneficiary meets the citizen/resident alien requirements of §301 F, and, if the account owner is a nonresident of the state of Louisiana, the substitute beneficiary meets the applicable residency requirements (see §301.G)

B. Substitution/Transfer of Account Ownership. The administrator may transfer ownership of an ABLE account only with the written approval of the LATTA and only to a member of the family of the eligible individual for whom the account was opened.

C. Assignment of Account Ownership. Ownership of an ABLE account cannot be assigned.

D. Changes to the Owner's Agreement

1. The administrator may request changes to the owner's agreement.

2. Changes must be requested in writing and be signed by the administrator.

3. Changes, if accepted, will take effect as of the date the notice is received by the LATTA.

4. The LATTA shall not be liable for acting upon inaccurate or invalid data which was submitted by the administrator.

5. The administrator will be notified by the LATTA of any changes affecting the owner's agreement which result from changes in applicable federal and state statutes and rules.

La. Admin. Code tit. 28, § VI-519

Promulgated by the Tuition Trust Authority, Office of Student Financial Assistance, LR 43643 (4/1/2017), Amended LR 47578 (5/1/2021).

AUTHORITY NOTE: Promulgated in accordance with R.S. 17:3081-3089.