Assembly Bill A8344

Signed By Governor
2011-2012 Legislative Session

Includes marketable securities within the list of items considered family benefit exemptions

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Archive: Last Bill Status - Signed by Governor

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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Bill Amendments

2011-A8344 - Details

Law Section:
Estates, Powers and Trusts Law
Laws Affected:
Amd §5-3.1, EPT L

2011-A8344 - Summary

Includes marketable securities within the list of items considered family benefit exemptions and not included as assets of the estate.

2011-A8344 - Bill Text download pdf 

                            
                    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:

  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.  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.
                                                           LBD13070-02-1

2011-A8344A (ACTIVE) - Details

Law Section:
Estates, Powers and Trusts Law
Laws Affected:
Amd §5-3.1, EPT L

2011-A8344A (ACTIVE) - Summary

Includes marketable securities within the list of items considered family benefit exemptions and not included as assets of the estate.

2011-A8344A (ACTIVE) - Bill Text download pdf 

                            
                    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:

  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
as follows:
  (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.
                                                           LBD13070-03-1

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