HB 923 - This act modifies various provisions of the Missouri Family Trust. New language allows the Missouri Family Trust to be used by residents of adjacent states.

The Board of Trustees for the Missouri Family Trust has the authority to advise, consult, and render services to the departments and agencies of Missouri. The Missouri Family Trust has the authority to accept contributions from a life beneficiary who dies, but the amount is subject to certain requirements.

Any matters resolved by arbitration must be conducted in accordance with the Commercial Arbitration Rules of the American Arbitration Association. The judgment of the arbitrator's award may be entered in any court of competent jurisdiction.

Upon the death of a life beneficiary, the state of Missouri will receive from the beneficiary's account the amount of total medical assistance paid on behalf of the life beneficiary. If there is any amount remaining in the account, then an amount equal to 75% of the principal balance will be distributed to the life beneficiary's heirs. If there are no heirs, the remaining balance will be distributed to the charitable trust.

Any person, who has the consent of the Board, may establish a restricted account within the charitable trust and may be permitted to determine the beneficiaries.
LORIE TOWE