Michigan HB5923 amends the ABLE savings account program to allow for survivor beneficiaries and exempts accounts from Medicaid estate recovery.

Michigan HB5923 amends the ABLE savings account program to allow account owners to designate a survivor beneficiary upon the death of the designated beneficiary. If the survivor beneficiary is eligible, they become the successor owner of the account. The bill also exempts ABLE savings accounts from the Medicaid estate recovery program. The accounts are exempt from creditor process and cannot be seized to pay debts of the designated beneficiary or account owner. The accounts are also exempt from attachment, garnishment, or other legal processes.

Michigan HB5923 amends the ABLE savings account program to allow for survivor beneficiaries and exempts accounts from Medicaid estate recovery.

Michigan HB5923 amends the ABLE savings account program to allow account owners to designate a survivor beneficiary upon the death of the designated beneficiary. If the survivor beneficiary is eligible, they become the successor owner of the account. The bill also exempts ABLE savings accounts from the Medicaid estate recovery program. The accounts are exempt from creditor process and cannot be seized to pay debts of the designated beneficiary or account owner. The accounts are also exempt from attachment, garnishment, or other legal processes.