Bill > LB592

This bill modifies the Achieving a Better Life Experience (ABLE) program, which is a savings program for individuals with disabilities, by adding a new provision that protects ABLE account funds from legal seizure. Specifically, the bill amends Section 77-1407 to include a new subsection (6) that explicitly states that funds in an ABLE account cannot be seized, levied, executed upon, or applied to pay any debt or liability of the account's beneficiary or owner. This protection means that even in cases of legal judgments, creditors cannot access these specialized savings accounts. The bill maintains the existing structure of the ABLE program, which includes three separate funds: the ABLE Program Fund (for participant contributions and investments), the ABLE Expense Fund (to cover program costs), and the Treasury Management Cash Fund (to support startup costs). The new provision is designed to provide additional financial security for individuals with disabilities by ensuring their ABLE account savings remain protected from potential financial legal actions.

Budget and Finance

https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=59582