SB 0768 Expands Use of the Missouri Family Trust
LR Number:2892.02T Fiscal Note:2892-02
Committee:Aging, Families and Mental Health
Last Action:07/03/96 - Signed by Governor
Title:HS/SB 768
Effective Date:August 28, 1996
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Current Bill Summary

HS/SB 768 - This act makes a variety of changes in the area of charitable gift annuities, the Missouri Family Trust, not for profit corporations and the laws governing marriage licenses.

The act would allow a probate court to place a disabled child's inheritance, or the proceeds from a settlement, directly into the Missouri Family Trust. This could preserve the child's financial status and in turn the child's access to Medicaid and SSI benefits.

The articles or by-laws of a not for profit corporation must specify the terms of the directors and except for designated or appointed directors, such terms may not exceed 6 years. The act deletes current statutory provisions limiting the venue of suits against not for profit corporations.

The act would allow for a court to authorize the establishment of a trust for the benefit of a protectee, if the court finds the protectee qualifies as a life beneficiary and that the establishment of such trust would be in the protectee's best interest.

The act also requires any not for profit organization issuing a charitable gift annuity to notify the Department of Insurance in writing of its first qualified charitable gift annuity agreement. The notice must be signed by an officer or director of the organization; identify the organization; and certify that the organization is a qualified organization and that the annuities issued by the organization are qualified charitable gift annuities.

A qualified charitable gift annuity has described in Section 501(m)(5) of the Internal Revenue Code is an annuity offered by a charitable organization that on the date of the annuity agreement had a minimum of $100,000 in unrestricted cash, cash equivalents, or publicly traded securities, exclusive of the assets funding the annuity agreement and has been in continuous operation for at least 3 years or is a successor or affiliate of a charitable organization that has been in continuous operation for at least three years.

The act also specifies that it is the public policy of the state of Missouri to recognize marriages only between a man and a woman, with any other purported marriage being deemed invalid. In addition, no recorder may issue a marriage license other than for a marriage between a man and a woman.