MO HB1428

Repeals and replaces section 456.950 of Missouri law to redefine "qualified spousal trusts" as trusts created by husband and wife that can be held as a single trust, two separate shares, or a combination thereof.

Allows property transferred to a qualified spousal trust that was previously held as tenants by the entirety to retain the same creditor protection immunity it had before the transfer, provided both settlors remain alive and married.

Extends creditor protection to property held as joint tenants or other joint ownership with survivorship rights when transferred to the qualified spousal trust, deeming such property to be held as tenants by the entirety for purposes of this protection.

Preserves marital property rights of both spouses to transferred property in case of divorce unless both spouses expressly agree otherwise in writing.

Applies the qualified spousal trust rules retroactively to all trusts meeting the definition criteria, regardless of whether created before or after August 28, 2011.