Bill Text: NY A08344 | 2011-2012 | General Assembly | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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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-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        8344--A
                                                               Cal. No. 291
                              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  --  advanced  to  a third reading, amended and ordered reprinted,
         retaining its place on the order of third reading
       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. Paragraph (b) of section 5-3.1 of the estates, powers and  trusts
   13  law,  as  amended by chapter 595 of the laws of 1992, is amended to read
   14  as follows:
   15    (b) No allowance shall be made in money or other property if the items
   16  of property described in subparagraph (1), (2),  (3)  or  [(4)]  (5)  OF
   17  PARAGRAPH (A) are not in existence when the decedent dies.
   18    S  3.  This  act  shall take effect immediately and shall be deemed to
   19  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.
                                                                  LBD13070-03-1