S T A T E O F N E W Y O R K
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:
Section 1. Subparagraph 6 of paragraph (a) of section 5-3.1 of the
estates, powers and trusts law, as amended by chapter 437 of the laws of
2010, is amended to read as follows:
(6) Money including but not limited to cash, checking, savings and
money market accounts, certificates of deposit or equivalents thereof,
AND MARKETABLE SECURITIES, not exceeding in value twenty-five thousand
dollars, reduced by the excess value, if any, of acquired items referred
to in subparagraphs (1), (2), (3) and (5) of this paragraph. However,
where assets are insufficient to pay the reasonable funeral expenses of
the decedent, the personal representative must first apply such money to
defray any deficiency in such expenses.
S 2. Paragraph (b) of section 5-3.1 of the estates, powers and trusts
law, as amended by chapter 595 of the laws of 1992, is amended to read
(b) No allowance shall be made in money or other property if the items
of property described in subparagraph (1), (2), (3) or [(4)] (5) OF
PARAGRAPH (A) are not in existence when the decedent dies.
S 3. This act shall take effect immediately and shall be deemed to
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.