New York State Assembly

 
•  Summary 
 
•  Actions 
 
•  Floor Votes 
 
•  Memo 
 
•  Text 

A08344 Summary:

A08344 Actions:

A08344 Floor Votes:

A08344 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         8344--A
                                                                Cal. No. 291
 
                               2011-2012 Regular Sessions
 
                   IN ASSEMBLY
 
                                      June 14, 2011
                                       ___________
 
        Introduced  by  M. of A. WEINSTEIN -- (at request of the Office of Court
          Administration) -- read once and referred to the Committee on  Judici-
          ary  --  advanced  to  a third reading, amended and ordered reprinted,
          retaining its place on the order of third reading
 

        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:
 
     1    Section 1. Subparagraph 6 of paragraph (a) of  section  5-3.1  of  the
     2  estates, powers and trusts law, as amended by chapter 437 of the laws of
     3  2010, is amended to read as follows:
     4    (6)  Money  including  but  not limited to cash, checking, savings and
     5  money market accounts, certificates of deposit or  equivalents  thereof,
     6  and  marketable  securities, not exceeding in value twenty-five thousand
     7  dollars, reduced by the excess value, if any, of acquired items referred
     8  to in subparagraphs (1), (2), (3) and (5) of  this  paragraph.  However,
     9  where  assets are insufficient to pay the reasonable funeral expenses of

    10  the decedent, the personal representative must first apply such money to
    11  defray any deficiency in such expenses.
    12    § 2. Paragraph (b) of section 5-3.1 of the estates, powers and  trusts
    13  law,  as  amended by chapter 595 of the laws of 1992, is amended to read
    14  as follows:
    15    (b) No allowance shall be made in money or other property if the items
    16  of property described in subparagraph (1), (2),  (3)  or  [(4)]  (5)  of
    17  paragraph (a) are not in existence when the decedent dies.
    18    §  3.  This  act  shall take effect immediately and shall be deemed to
    19  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.
                                                                   LBD13070-03-1