HB 923 -- MISSOURI FAMILY TRUST (Holand)

This bill makes changes to the laws regarding the Missouri Family
Trust.  The bill:

(1)  Requires all state agencies to disregard the trust as a
resource when determining eligibility of Missouri residents for
assistance under Chapter 208, RSMo, unless prohibited by federal
laws or regulations;

(2)  Requires the Board of Trustees of the trust to advise,
consult, and render service to state departments and agencies and
to other nonprofit agencies that provide services to Missouri
residents with a disability and have a tax-exempt status under
Section 501(c)(3) of the Internal Revenue Code;

(3)  Authorizes the trust to accept contributions from an account
of a life beneficiary who dies.  The amount of the contribution
to the trust is subject to certain criteria;

(4)  Requires any matters resolved by arbitration to be conducted
in accordance with the Commercial Arbitration Rules of the
American Arbitration Association.  The bill also allows any
judgment on an arbitrator's award to be entered in any court of
competent jurisdiction;

(5)  Revises provisions pertaining to withdrawals of the
principal balance from an account of a life beneficiary, the
distribution of undistributed income, and the distribution of the
principal balance to a charitable trust; and

(6)  Allows any person, with the consent of the board, to
establish a restricted account within a charitable trust and to
determine the beneficiaries of the account.

FISCAL NOTE:  No impact on state funds in FY 2005, FY 2006, and
FY 2007.

Missouri House of Representatives
92nd General Assembly, 2nd Regular Session
Last Updated September 23, 2004 at 11:14 am