Sec. 54.910. DESIGNATED BENEFICIARY. (a) The participant is the designated beneficiary and the owner of the ABLE account except as described by Subsection (b) and as otherwise permitted by Section 529A, Internal Revenue Code.
(b) If the designated beneficiary of the account is not able to exercise signature authority over the account, or if a designated beneficiary chooses to establish an account but not exercise signature authority, the parent, legal guardian, or other fiduciary of the beneficiary may serve as the participant if permitted by Section 529A, Internal Revenue Code.
(c) A designated beneficiary may own only one ABLE account, and each ABLE account may have only one owner, except as otherwise permitted by Section 529A, Internal Revenue Code.
Added by Acts 2015, 84th Leg., R.S., Ch. 1213 (S.B. 1664), Sec. 2, eff. June 19, 2015.
Amended by:
Acts 2019, 86th Leg., R.S., Ch. 527 (S.B. 1184), Sec. 1, eff. June 7, 2019.
Structure Texas Statutes
Subtitle A - Higher Education in General
Subchapter J. Texas Achieving a Better Life Experience (Able) Program
Section 54.901. Purposes of Program
Section 54.903. Creation of Program and Account; Administration
Section 54.904. Powers and Duties of Board
Section 54.9045. Collection of Fees
Section 54.905. Investment of Funds
Section 54.906. Treatment of Assets
Section 54.9065. Exclusion of Able Account Assets From Certain Benefit Eligibility Determinations
Section 54.907. Exemption From Securities Laws
Section 54.908. Participation Agreements
Section 54.9085. Encumbrance or Transfer of Account Prohibited
Section 54.909. Use of Fund Assets
Section 54.910. Designated Beneficiary
Section 54.911. Verification Under Oath
Section 54.914. Confidentiality of Records