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MO SB875
Bill
Status
2/29/2012
Primary Sponsor
Mike Parson
Click for details
AI Summary
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Allows funds up to $9,999 placed in an irrevocable personal funeral trust account to be excluded from asset calculations when determining public assistance eligibility
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Requires the trustee to be a state or federally chartered financial institution authorized to exercise trust powers in Missouri
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Restricts trust funds to use only for burial, funeral, preparation of the body, or other final disposition expenses
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Limits setup fees to no more than 10 percent of total deposited amount and annual maintenance fees to no more than 3 percent of trust assets
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Requires unspent funds remaining after death to be paid to Missouri, with any excess beyond public assistance benefits provided refunded to the depositor or successors
Legislative Description
Allows $9,999 in an irrevocable trust for certain funeral expenses to not be considered an asset when determining eligibility for public assistance
Last Action
Voted Do Pass S Judiciary and Civil and Criminal Jurisprudence Committee
4/25/2012