SB2660 Summary

• Amends the State Treasurer Act to modify the Illinois ABLE (Achieving a Better Life Experience) account program, allowing account proceeds to be transferred to an eligible individual's estate or another eligible individual's account upon the beneficiary's death, rather than requiring distribution per federal law.

• Prohibits state agencies from seeking payment from ABLE accounts or their proceeds under federal Internal Revenue Code Section 529A(f) for benefits provided to designated beneficiaries.

• Amends the Trusts and Trustees Act to allow courts or individuals with disabilities to irrevocably assign resources (including real/personal property, judgments, settlements, annuities, and support payments) to either an ABLE account or a discretionary trust complying with Medicaid reimbursement requirements.

• Permits courts to reserve the right to determine the amount, duration, or enforcement of irrevocable resource assignments made under the amended law.