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AL HB30
Bill
Status
1/25/2018
Primary Sponsor
Matt Fridy
Click for details
AI Summary
HB30 Summary
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Requires the Alabama Family Trust Corporation to take all necessary steps to comply with all federal Social Security Administration laws, rules, regulations, and policies.
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Deletes the definition of "successor life beneficiary" and removes provisions allowing successor designations in the Alabama Family Trust.
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Upon termination of a trust where the settlor is the life beneficiary, remaining funds shall be disbursed for: taxes, administrative fees, 10 percent retention to the AFT Charitable Trust, reimbursement to states for medical assistance provided, and any remaining balance to designated persons.
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Specifies that establishment and administration of the Alabama Family Trust shall not reduce or affect appropriations to the Alabama Medicaid Agency or reduce benefits otherwise entitled by law.
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Becomes effective immediately upon passage and approval by the Governor.
Legislative Description
Alabama Family Trust Corporation, compliance with federal Social Security law and rules, provisions for successor life beneficiary deleted, disbursement of remainder including reimbursement for medical assistance, trust not to affect Medicaid approps, Secs. 38-9B-2, 38-9B-3, 38-9B-5 am'd.
Alabama Family Trust
Last Action
Read for the first time and referred to the Senate committee on Judiciary
1/25/2018