This bill amends section 77-1403 of the Revised Statutes Cumulative Supplement, 2024, concerning the Achieving a Better Life Experience (ABLE) program in Nebraska. The amendments clarify the ownership and residency requirements for account beneficiaries, allowing custodians or fiduciaries to serve as account owners for minors or individuals with appointed fiduciaries. Additionally, the bill outlines the process for transferring or distributing account balances upon the death of a designated beneficiary, including the notification of potential tax consequences by the State Treasurer.

Significantly, the bill introduces provisions that prevent the state from seeking recovery of any remaining account balance or amounts distributed upon the death of the designated beneficiary for medical assistance received after the account's establishment. This includes a prohibition on filing claims for payment under specific sections of the Internal Revenue Code. The original section 77-1403 is repealed, consolidating the updated provisions into the law.

Statutes affected:
Introduced: 77-1403
Final Reading: 77-1403
Slip Law: 77-1403