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HCS/SB 569 - Under this act, a trust which is a health savings account shall be deemed to have been established on the day when the beneficiary of the trust is an eligible individual in the calendar year in which the trust is created. This provision is substantially similar to a provision contained in SCS/SB 942 (2018). Under current law, a trustee of a trust consisting of property having a total value of less than $100,000 may terminate the trust if the trustee determines that the value of the trust property is insufficient to justify the cost of the administration. This act increases the required value of the trust property to less than $250,000 before the trustee can terminate the trust. This provision is identical to provisions contained in SCS/SB 942 (2018), SCS/HCB 1 (2017), and the truly agreed to and finally passed version of SB 128 (2017). This act provides that when a directed trust, as defined in the act, grants investment decisions to a person or advisory or investment committee then the trustee shall not be liable for any loss resulting from the investment decisions made. JESSI JAMES
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