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
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor

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view actions (11)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jul 18, 2012 signed chap.123
Jul 06, 2012 delivered to governor
Jun 05, 2012 returned to assembly
passed senate
3rd reading cal.789
substituted for s6657
Jun 05, 2012 substituted by a8344a
May 21, 2012 advanced to third reading
May 16, 2012 2nd report cal.
May 15, 2012 1st report cal.789
Mar 08, 2012 referred to judiciary

S6657 - Details

See Assembly Version of this Bill:
Law Section:
Estates, Powers and Trusts Law
Laws Affected:
Amd ยง5-3.1, EPT L

S6657 - Summary

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

S6657 - Sponsor Memo

S6657 - Bill Text download pdf

                    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


  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.


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