Bill Text: NY A06024 | 2015-2016 | General Assembly | Amended

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Bill Title: Establishes the time periods for the payment of legacies to genetic children of the decedent without the accrual of interest.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2015-11-20 - signed chap.438 [A06024 Detail]

Download: New_York-2015-A06024-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        6024--A
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                    March 10, 2015
                                      ___________
       Introduced  by  M.  of  A.  WEINSTEIN  --  read once and referred to the
         Committee on Judiciary -- committee discharged, bill amended,  ordered
         reprinted as amended and recommitted to said committee
       AN  ACT  to  amend  the  estates,  powers and trusts law, in relation to
         payment of interest on delayed legacies to  genetic  children  of  the
         decedent
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Paragraph 3 of section 11-A-2.1 of the estates, powers  and
    2  trusts law, as amended by chapter 404 of the laws of 2014, is amended to
    3  read as follows:
    4    (3)  Unless  otherwise  provided  by  the  terms of the will or trust,
    5  commencing (A) seven months from either the date of death or other  date
    6  a  beneficiary  is to receive a pecuniary amount outright if letters are
    7  not required, UNLESS THE BENEFICIARY IS A GENETIC CHILD, THEN SUCH  DATE
    8  SHALL  BE  THE LATER OF THE AFOREMENTIONED TIME PERIODS IN THIS SUBPARA-
    9  GRAPH OR THE DATE OF BIRTH OF THE GENETIC CHILD ENTITLED TO INHERIT FROM
   10  THE CHILD'S GENETIC PARENT UNDER SECTION 4-1.3 OF THIS CHAPTER,  or  (B)
   11  seven  months  from the time letters, including preliminary or temporary
   12  letters, are granted if letters are required, UNLESS THE BENEFICIARY  IS
   13  A GENETIC CHILD, THEN SUCH DATE SHALL BE THE LATER OF THE AFOREMENTIONED
   14  TIME  PERIOD  IN  THIS  SUBPARAGRAPH OR THE DATE OF BIRTH OF THE GENETIC
   15  CHILD ENTITLED TO INHERIT FROM THE CHILD'S GENETIC PARENT UNDER  SECTION
   16  4-1.3 OF THIS CHAPTER,  a fiduciary shall distribute income to a benefi-
   17  ciary  who  receives a pecuniary amount outright, from net income deter-
   18  mined under paragraph (2) or from  principal  to  the  extent  that  net
   19  income  is  insufficient,  of  an  amount  equal to the pecuniary amount
   20  multiplied by an income factor, which shall be set  (or  reset)  on  the
   21  first  business  day  of  each calendar year and fixed for that calendar
   22  year at the target Federal  funds  rate  as  announced  by  the  Federal
   23  Reserve  Board (or in the event the target Federal funds rate is a range
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD07962-03-5
       A. 6024--A                          2
    1  of rates, the high of that range) less one percent, but in no event less
    2  than one-half of one percent.
    3    S  2.  This  act  shall take effect immediately and shall be deemed to
    4  have been in full force and effect on and after December 20,  2014,  and
    5  the  provisions  of this act shall apply to estates of the decedents who
    6  shall have died on or after such date.