NC S367

Establishes the Achieving a Better Life Experience (ABLE) Trust Fund administered by the State Treasurer to allow individuals with disabilities and their families to save funds for qualified disability expenses.

Eligible individuals must be blind or disabled before age 26 and either receive Social Security disability benefits or have a disability certification filed with the U.S. Treasury Secretary.

Account owners can make cash contributions up to federal limits, with accounts limited to one per eligible individual; family members can transfer accounts between eligible relatives and change designated beneficiaries.

Assets in ABLE accounts are protected from creditors and disregarded when determining eligibility for other state assistance programs; State Treasurer may charge reasonable fees not exceeding program costs.

Upon death of a designated beneficiary, the State may claim repayment from the account for medical assistance payments made after the account was established, with exceptions for surviving spouses and dependent children under age 21.