|SB 1168||Modifies the Missouri Family Trust|
|LR Number:||4108S.01I||Fiscal Note:||4108-01|
|Committee:||Aging, Families, Mental & Public Health|
|Last Action:||02/09/04 - Second Read and Referred S Aging, Families, Mental &||Journal page:||S262|
|Public Health Committee|
|Effective Date:||August 28, 2004|
SB 1168 - This act modifies provisions relating to the Missouri Family Trust.
The act modifies the intent statement of the trust to include residents of adjacent states within the goals of the trust. All state agencies are required to disregard the trust as resource for determining eligibility for assistance under Chapter 208, RSMo, for Missouri residents, unless prohibited by federal law. The Board of Trustees shall advise, consult and render service to departments and agencies of the state and to other tax exempt 501(c)(3) nonprofit agencies which provide services to Missouri residents with a disability. Life beneficiaries of the trust are authorized to contribute to the trust, however, the amount of the contribution is subject to certain criteria. The cotrustee, rather than the trust, shall be responsible for at least annually determining the amount of principal or income to be provided for the support of the beneficiary. Any disagreements between the trust and cotrustee that are submitted for arbitration shall be resolved, after hearing, in accordance with the Commercial Arbitration Rules of the American Arbitration Association. The arbitrators' judgment may be submitted to a court of competent jurisdiction.
The act revises provisions regarding the withdrawal of the principal balance from an account of a life beneficiary, the distribution of undistributed income, and the possible distribution of the principal balance to a charitable trust. The act authorizes, with the consent of the board of trustees, a person to establish a restricted account within the charitable trust and to determine the beneficiaries of the restricted account, provided the beneficiaries qualify as participants in the trust.
This act is similar to HB 923 (2004).