Bill Text: NY A08344 | 2011-2012 | General Assembly | Introduced
Bill Title: Includes marketable securities within the list of items considered family benefit exemptions and not included as assets of the estate.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2012-07-18 - signed chap.123 [A08344 Detail]
Download: New_York-2011-A08344-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
8344
2011-2012 Regular Sessions
I N A S S E M B L Y
June 14, 2011
___________
Introduced by M. of A. WEINSTEIN -- (at request of the Office of Court
Administration) -- read once and referred to the Committee on Judici-
ary
AN ACT to amend the estates, powers and trusts law, in relation to
exemptions for the benefit of the family
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Subparagraph 6 of paragraph (a) of section 5-3.1 of the
2 estates, powers and trusts law, as amended by chapter 437 of the laws of
3 2010, is amended to read as follows:
4 (6) Money including but not limited to cash, checking, savings and
5 money market accounts, certificates of deposit or equivalents thereof,
6 AND MARKETABLE SECURITIES, not exceeding in value twenty-five thousand
7 dollars, reduced by the excess value, if any, of acquired items referred
8 to in subparagraphs (1), (2), (3) and (5) of this paragraph. However,
9 where assets are insufficient to pay the reasonable funeral expenses of
10 the decedent, the personal representative must first apply such money to
11 defray any deficiency in such expenses.
12 S 2. This act shall take effect immediately and shall be deemed to
13 have been in full force and effect on and after January 1, 2011.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD13070-02-1
