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Who cares
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Sponsors
No co-sponsors yet.
History
- Referred to judiciary
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the estates, powers and trusts law, in relation to elective share qualifying supplemental needs trusts
Purpose
To provide for the establishment of elective share supplemental needs trusts.
Summary of provisions
Section one adds a new (f) to the Estates, Powers and Trusts Law (EPTL) § 5-1.1-A to provide for an "elective share qualifying supplemental needs trust" which is a trust established by the decedent's will for a spouse who, at the time of the decedent's death, has a severe and chronic or persistent disability, is suffering from a degenerative condition, or resides in an assisted living facility or nursing home. The elective share qualifying supplemental needs trust shall not reduce the net elective share if the surviving spouse, or someone lawfully acting on behalf of the surviving spouse, serves an objection.
Section two provides that this act take effect 30 days after enactment.
Justification
This bill amends the EPTL to provide that a surviving spouse's elective share may be held in a Qualifying Supplemental Needs Trust. Pursuant to current law, a surviving spouse is entitled to an elective share amount from his or her deceased spouse's estate. An individual under age sixty-five (65) can place his or her elective share received from a deceased spouse into a self-funded, pay-back supplemental needs trust without affecting his or her eligibility for Medicaid. In contrast, someone who is age sixty-five (65) or over does not have that same option.
This legislation would permit a testator or testatrix to place a surviving spouse's elective share into a pay-back supplemental needs trust for the benefit of the surviving spouse, without affecting the surviving spouse's eligibility for Medicaid. This amendment will preserve the right of a surviving spouse to benefit from an elective share of a predeceased spouse's estate, while being able to obtain or continue to receive government benefits. The proposed amendment does not affect the surviving spouse's right to receive the elective share outright as opposed to being placed into a Qualifying Supplemental Needs Trust.
Legislative history
New bill.
Fiscal implications
None.
Effective date
30 days after enactment.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.