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Sponsors
Senator · Senate District 42
No co-sponsors yet.
History
- Substituted by A8344A
- Advanced to third reading
- 2nd report cal.
- 1st report cal.789
- Referred to judiciary
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Includes marketable securities within the list of items considered family benefit exemptions
Signed by Governor · Sponsor Helene Weinstein
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S6657
Title of bill
An act to amend the estates, powers and trusts law, in relation to exemptions for the benefit of the family
This is one in a series of measures being introduced at the request of the Chief Administrative Judge upon the recommendation of her Surrogate's Court Advisory Committee.
Section 5-3.1 of the Estates, Powers and Trusts Law provides that, where a person dies leaving a surviving spouse or children under 21, certain property belonging to such decedent must be exempted from his or her estate assets and, instead, vest in and be set off to the surviving spouse or, if there be none, to his or her children under 21. This exempted property includes money up to $25,000 (subject to certain limitations). This statute was recently updated and modernized for the first time since 1992. L. 2010, c.437. Chapter 437 amended section 5-3.1 by expanding some of the articles of personal property to be exempted, deleting some of the items that were previously exempted and increasing the value of all of the items referenced therein.
However, since enactment, a question has been raised regarding the type of assets that may be used in computing the $25,000 set off in paragraph six. When the changes to this paragraph were made, the phrase "or other personal property" was eliminated and language to include cash and cash equivalents was added. The purpose of the revision was to give the surviving spouse or children the means to pay their immediate expenses during the settlement of the estate. The sponsor's memorandum clearly stated that: "Liquid assets, rather than personal property, is the intent of this subsection." However, the eliminated term "or other personal property" was construed to include shares of stock owned by the decedent. To clarify that stock is still included in the class of assets comprising paragraph six, this measure adds the language "marketable securities" to the other assets listed in this section. It also proposes a simple clarifying technical amendment to paragraph (b).
This measure would take effect immediately, but shall be deemed to have been in full force on and after January 1, 2011.
2011 LEGISLATIVE HISTORY: OCA 2011-54 Assembly 8344 (M. of A. Weinstein) [Passed]
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.