Senate Bill S6657

Signed By Governor
2011-2012 Legislative Session

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

download bill text pdf

Sponsored By

Archive: Last Bill Status Via A8344 - 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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2011-S6657 (ACTIVE) - Details

See Assembly Version of this Bill:
A8344
Law Section:
Estates, Powers and Trusts Law
Laws Affected:
Amd §5-3.1, EPT L

2011-S6657 (ACTIVE) - Summary

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

2011-S6657 (ACTIVE) - Sponsor Memo

2011-S6657 (ACTIVE) - Bill Text download pdf 

                            
                    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:

  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.
                                                           LBD13070-04-2

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