Bill Text: NY S06657 | 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 (Republican 1-0)

Status: (Introduced - Dead) 2012-06-05 - SUBSTITUTED BY A8344A [S06657 Detail]

Download: New_York-2011-S06657-Introduced.html

---

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         6657
                                   I N  S E N A T E
                                     March 8, 2012
                                      ___________
       Introduced  by Sen. BONACIC -- (at request of the Office of Court Admin-
         istration) -- 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
         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.
                                                                  LBD13070-04-2