PRESS RELEASE
Treasurer Fitzpatrick Testifies in Support of HB678
Treasurer
Fitzpatrick Testifies in Support of HB678 Supporting
Missouri’s Disabled Individuals and their Families Jefferson
City, MO – Treasurer Scott
Fitzpatrick today testified in front of the House General Laws Committee in
support of House Bill 678 which clarifies that a conservatorship is not
required for individuals and families using ABLE accounts. The bill is sponsored
by Rep. Jonathan Patterson (R-Lee’s Summit). In April, a St. Louis family
contacted the Treasurer’s Office because, after seeking a guardianship for
their adult daughter, the St. Louis County Circuit Court’s Probate Division decided
the family needed to establish a conservatorship in order to continue using the
benefits of the ABLE account they had created for their daughter. A conservatorship
requires regular fiscal monitoring by the courts, which entails seeking
approval for expenditures, filing ongoing paperwork, executing and filing a
bond, and incurring additional legal expenses to comply. As a result of the ruling, families
in that jurisdiction are now required to go through extra steps to obtain a
conservatorship if their adult children, who are already under a guardianship,
are to continue utilizing the benefits of an ABLE account. These unnecessary requirements
are not the intent of Missouri’s ABLE Act. The act only requires an authorized
legal representative—a parent, legal guardian, or a person granted a Power of
Attorney—to act on behalf of the designated beneficiary without any other
requirements. HB678 makes it clear that assets held in an ABLE account are not
part of an estate under conservatorship law. “ABLE accounts are intended to
help disabled individuals save money for disability-related expenses—not create
a burden for caregivers,” Treasurer Fitzpatrick said. “This commonsense legislation
clarifies the law and benefits individuals with disabilities and their families.
I encourage the General Assembly to pass it.” “ABLE accounts are an important program for Missouri’s disabled individuals
and their families,” Rep. Patterson said. “I hope my colleagues will join me in
supporting this bill so that this program can be used as intended.” MO ABLE accounts are tax advantaged
savings plans for Missourians with disabilities and are administered by the
Missouri State Treasurer’s Office. The program allows persons with disabilities
to save and invest without losing federal needs-based benefits and encourages
financial independence for its owners. For more information about the program,
please visit www.moable.com. ###