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Missouri General Assembly Passes Law Affecting Trusts, Powers of Attorney and Guardianships

On May 12, 2011, the Missouri General Assembly passed Senate Bill 59 that modifies provisions regarding powers of attorney. The bill applies to the Uniform Trust Code, the Uniform Principal and Income Act, guardianships, and the transfer of tenancy-by-the-entireties property to certain trusts. The new law repeals ten existing provisions and enacts 37 new ones.

Rep. John Diehl, a partner of Armstrong Teasdale LLP, was the House floor handler for the bill.

Assuming the bill is signed by Governor Nixon, it will become effective August 28, 2011.

Some of the significant changes include:

  • Authority for a trustee to transfer assets of one trust to another trust (known as decanting), and to create a new trust to receive such a transfer.
     
  • Recognition of “qualified spousal trusts” so that a married couple may transfer jointly-held assets to a joint trust and retain the asset protection of property held as tenants by the entireties in Missouri.
     
  • Strengthening the asset protection nature of irrevocable trusts.
     
  • Clarifications of and additions to the powers of an agent under a durable power of attorney.
     
  • Enactment of a uniform act regarding adult guardianship and protective proceedings.

Senate Bill 59 also addresses other, more technical issues. It is available on our web site here.

IRS Circular 230 Notice

Internal Revenue Service regulations state that only a formal opinion that meets specific requirements can be used to avoid tax penalties. Any tax advice in this communication is not intended or written to be used, and cannot be used by a taxpayer, for the purpose of avoiding penalties that may be imposed on the taxpayer, because it does not meet the requirements of a formal opinion. 

© Copyright 2020 Armstrong Teasdale LLP. All rights reserved National Law Review, Volume I, Number 157
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About this Author

John Igoe, Tax, Employee Benefits, Trusts, Estates, Attorney, Armstrong Teasdale
Partner

As a member of the Tax, Employee Benefits and Trusts and Estates practice group since 1986, Jon Igoe guides individuals in the creation and administration of trusts and estates and in connection with closely-held businesses. He also handles guardianships, conservatorships and employee benefits issues involving health care plans.

314-342-8019
Jill Palmquist, Estate Planning Attorney, Armstrong Teasdale Law Firm
Of Counsel

Jill Palmquist specializes in estate planning and works closely with her clients to protect their families and wealth during transitional times such as illness, disability and death utilizing instruments such as powers of attorney, wills, revocable trusts, irrevocable trusts (including irrevocable life insurance trusts, irrevocable grantor trusts and charitable trusts) and limited partnerships. She has experience in dealing with special assets such as closely held stock, 401(k) plans, traditional and ROTH IRAs, Section 529 Plans; and in working with situations requiring extra consideration...

314-621-5070
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