Delaware Senate Bill 282 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Slight Partisan Bill (Democrat 6-2)
Status: Passed on July 12 2010 - 100% progression
Action: 2010-07-12 - Signed by Governor
Text: Latest bill text (Draft #1) [HTML]

Many wills and trusts contain formula clauses allocating shares of a decedent’s estate or trust estate based on Internal Revenue Code provisions relating to federal estate tax exemptions and generation-skipping transfer tax exemptions. The federal estate tax and generation-skipping transfer tax are repealed for calendar year 2010 but, under current law, will be reinstated in calendar year 2011. The bill is intended to create a presumption that if a decedent’s formula clause had different beneficiaries of the different shares of his estate or trust under the formula, the clause is to be interpreted based on the law in effect as though the decedent died on December 31, 2009. If a decedent’s formula clause had substantially the same beneficiaries of the different shares of his estate or trust under the formula, the clause is to be interpreted so as though the estate and generation skipping tax exemptions are unlimited. This section allows an interested person to file a petition under 10 Del. C. 6504 within six months following the later of (i) the effective date of this section; or (ii) the death of the decedent, if such person believes that presumptions in the statute are incorrect as to that decedent, so that the provisions of this section should not apply. This section does not apply to a will or trust that is executed or amended after December 31, 2009.

An Act To Amend Title 12 Of The Delaware Code Relating To Trusts.

Rep. Edward Bennett [D]	Sen. Colin Bonini [R]	Rep. Gerald Brady [D]	Sen. George Bunting [D]
Sen. Anthony DeLuca [D]	Sen. Gerald Hocker [R]	Rep. Bryon Short [D]	Rep. John Viola [D]

2010-06-30 - House - House Third Reading (Y: 40 N: 0 NV: 0 Abs: 1) [PASS]
2010-06-22 - Senate - Senate Third Reading (Y: 21 N: 0 NV: 0 Abs: 0) [PASS]

Date	Chamber	Action
2010-07-12		Signed by Governor
2010-06-30		Passed by House of Representatives. Votes: Passed 40 YES 0 NO 0 NOT VOTING 1 ABSENT 0 VACANT
2010-06-30		Necessary rules are suspended in House
2010-06-23		Introduced and Assigned to Economic Development/Banking/Insurance/Commerce Committee in House
2010-06-22		Passed by Senate. Votes: Passed 21 YES 0 NO 0 NOT VOTING 0 ABSENT 0 VACANT
2010-06-16		Reported Out of Committee (BANKING) in Senate with 5 On Its Merits
2010-06-08		Assigned to Banking Committee in Senate

Type	Source
Summary	http://legis.delaware.gov/LIS/lis145.nsf/2bede841c6272c888025698400433a04/2b4ef6d42b8b98e885257735006f0982?OpenDocument
Text	http://legis.delaware.gov/LIS/lis145.nsf/vwLegislation/SB+282/$file/legis.html?open
Roll Call	http://legis.delaware.gov/LIS/lis145.nsf/7712cf7cc0e9227a852568470077336f/6d87b0e522e273d88525774a0066ea7b?OpenDocument
Roll Call	http://legis.delaware.gov/LIS/lis145.nsf/7712cf7cc0e9227a852568470077336f/6c0d6fd9b62c157f85257752008395b8?OpenDocument