Bill Text: NY S05160 | 2015-2016 | General Assembly | Introduced

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Bill Title: Establishes the time periods for the payment of legacies to genetic children of the decedent without the accrual of interest.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2015-06-15 - SUBSTITUTED BY A6024A [S05160 Detail]

Download: New_York-2015-S05160-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5160
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                      May 5, 2015
                                      ___________
       Introduced  by  Sen. BONACIC -- read twice and ordered printed, and when
         printed to be committed to the Committee on Judiciary
       AN ACT to amend the estates, powers  and  trusts  law,  in  relation  to
         payment  of  interest  on  delayed legacies to genetic children of the
         decedent
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1. Paragraph 3 of section 11-A-2.1 of the estates, powers and
    2  trusts law, as amended by chapter 404 of the laws of 2014, is amended to
    3  read as follows:
    4    (3) Unless otherwise provided by the  terms  of  the  will  or  trust,
    5  commencing  (A) seven months from either the date of death or other date
    6  a beneficiary is to receive a pecuniary amount outright if  letters  are
    7  not  required, UNLESS THE BENEFICIARY IS A GENETIC CHILD, THEN SUCH DATE
    8  SHALL BE THE LATER OF THE AFOREMENTIONED TIME PERIODS IN  THIS  SUBPARA-
    9  GRAPH OR THE DATE OF BIRTH OF THE GENETIC CHILD ENTITLED TO INHERIT FROM
   10  THE  CHILD'S  GENETIC PARENT UNDER SECTION 4-1.3 OF THIS CHAPTER, or (B)
   11  seven months from the time letters, including preliminary  or  temporary
   12  letters,  are granted if letters are required, UNLESS THE BENEFICIARY IS
   13  A GENETIC CHILD, THEN SUCH DATE SHALL BE THE LATER OF THE AFOREMENTIONED
   14  TIME PERIOD IN THIS SUBPARAGRAPH OR THE DATE OF  BIRTH  OF  THE  GENETIC
   15  CHILD  ENTITLED TO INHERIT FROM THE CHILD'S GENETIC PARENT UNDER SECTION
   16  4-1.3 OF THIS CHAPTER,  a fiduciary shall distribute income to a benefi-
   17  ciary who receives a pecuniary amount outright, from net  income  deter-
   18  mined  under  paragraph  (2)  or  from  principal to the extent that net
   19  income is insufficient, of an  amount  equal  to  the  pecuniary  amount
   20  multiplied  by  an  income  factor, which shall be set (or reset) on the
   21  first business day of each calendar year and  fixed  for  that  calendar
   22  year  at  the  target  Federal  funds  rate  as announced by the Federal
   23  Reserve Board (or in the event the target Federal funds rate is a  range
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD07962-04-5
       S. 5160                             2
    1  of rates, the high of that range) less one percent, but in no event less
    2  than one-half of one percent.
    3    S  2.  This  act  shall take effect immediately and shall be deemed to
    4  have been in full force and effect on and after December 20,  2014,  and
    5  the  provisions  of this act shall apply to estates of the decedents who
    6  shall have died on or after such date.