Qualified Disability Expenses Sample Clauses

Qualified Disability Expenses. For a detailed explanation of “Qualified Disability Expenses,” see “Part 12 –

Qualified Disability Expenses. Qualified Disability Expenses include any expenses incurred at a time when the Account Owner is an Eligible Individual that relate to the blindness or disability of the Account Owner, and are for the benefit of the Account Owner in maintaining or improving his or her health, independence, or quality of life. Such expenses include, but are not limited to, expenses for education, housing, transportation, employment training and support, assistive technology and personal support services, health, prevention and wellness, financial management and administrative services, legal fees, expenses for oversight and monitoring, funeral and burial .......................................................................................................................................................................................................... Federal and state tax considerations expenses, and other expenses that may be identified from time to time in future guidance published by the IRS. In order to implement the legislative purpose of assisting Eligible Individuals in maintaining or improving their health, independence, and quality of life, the U.S. Treasury Department and the IRS take the position that the term “Qualified Disability Expenses” should be broadly construed to permit the inclusion of basic living expenses and should not be limited to expenses for items for which there is a medical necessity or which provide no benefits to others in addition to the benefit to the Eligible Individual. For example, expenses for common items such as smart phones could be considered Qualified Disability Expenses if they are an effective and safe communication or navigation aid for a child with autism. Rollovers – A qualified Rollover is a transfer of funds by any of the following methods:

Qualified Disability Expenses. May Exceed the Balance in the Account The balance in an Account may not be sufficient to cover the Qualified Disability Expenses incurred by the Account Owner. Cybersecurity Risk Colorado ABLE, the Investment Options and the Underlying Investments are susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyberattacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through “hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyberattacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended users). Cyber incidents affecting the Plan’s or an Underlying Investment’s manager(s) and other service providers (including, but not limited to, accountants, custodians, transfer agents, and financial intermediaries) have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with an Investment Option’s or Underlying Investment’s ability to calculate its net asset value (“NAV”), impediments to trading, the inability of Account Owners or Underlying Investment shareholders (including the Trust) to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. Similar adverse consequences could result from cyber incidents affecting issuers of securities in which an Underlying Investment invests, counterparties with which an Underlying Investment engages in transactions, governmental and other regulatory authorities, exchange and other financial market operators, banks, brokers, dealers, insurance companies and other financial institutions. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. Although the Plan Administrators have established business continuity plans in the event of, and risk management systems to prevent, cyber incidents, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. There are no guarantees that the Plan, Plan Administrators, or your Account will...

Qualified Disability Expenses include any expenses incurred at a time when the Designated Beneficiary is an Eligible Individual that relate to the blindness or disability of the Designated Beneficiary, and are for the benefit of the Designated Beneficiary in maintaining or improving his or her health, independence, or quality of life. Such expenses include, but are not limited to, expenses for education, housing, transportation, employment training and support, assistive technology and personal support services, health, prevention and wellness, financial management and administrative services, legal fees, expenses for oversight and monitoring, funeral and burial expenses, and other expenses that may be identified from time to time in future guidance published by the IRS. Qualified Disability Expenses are broadly construed. In order to implement the legislative purpose of assisting Eligible Individuals in maintaining or improving their health, independence, and quality of life, the U.S. Treasury Department and the IRS have taken the position that the term “Qualified Disability Expenses” should be broadly construed to permit the inclusion of basic living expenses and should not be limited to expenses for items for which there is a medical necessity or which provide no benefits to others in addition to the benefit to the Eligible Individual. For example, expenses for common items such as smart phones could be considered Qualified Disability Expenses if they are an effective and safe communication or navigation aid for a child with autism. Rollovers‌ No portion of a Rollover is includable in the gross income of the Designated Beneficiary or subject to the Additional 10% Tax. A Rollover is a transfer of all or a portion of funds by any of the following methods: Direct Rollovers. A direct Rollover (referred to as a “Program-to-Program Transfer” in the Proposed Tax Regulations) means the direct transfer of the entire balance of an ABLE account into an ABLE account of the same Designated Beneficiary in which the transferor ABLE account is closed with a $0 balance upon completion of the transfer, or of part or all of the balance to an ABLE account of another Eligible Individual who is a Member of the Family of the former Designated Xxxxxxxxxxx, without any intervening withdrawal or deemed withdrawal to the Designated Beneficiary. Direct Rollovers may occur into the Program as contributions or out of the Program as withdrawals.