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A08969 Summary:

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A08969 Floor Votes:

A08969 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          8969
 
                               2009-2010 Regular Sessions
 
                   IN ASSEMBLY
 
                                      June 17, 2009
                                       ___________
 
        Introduced  by  M.  of  A.  WEINSTEIN  --  read once and referred to the
          Committee on Judiciary
 
        AN ACT to amend the estates, powers  and  trusts  law,  in  relation  to
          exempt assets for the benefit of the family of a decedent
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

 
     1    Section 1. Paragraph (a) of section 5-3.1 of the estates,  powers  and
     2  trusts law, as amended by chapter 595 of the laws of 1992, is amended to
     3  read as follows:
     4    (a) If a person dies, leaving a surviving spouse or children under the
     5  age  of twenty-one years, the following items of property are not assets
     6  of the estate but vest in, and  shall  be  set  off  to  such  surviving
     7  spouse,  unless  disqualified,  under  5-1.2, from taking an elective or
     8  distributive share of the decedent's estate. In case there is no surviv-
     9  ing spouse or such spouse, if surviving, is disqualified, such items  of
    10  property  vest in, and shall be set off to the decedent's children under
    11  the age of twenty-one years:
    12    (1) All housekeeping utensils, musical  instruments,  sewing  machine,
    13  jewelry unless disposed of in the will, clothing of the decedent, house-

    14  hold  furniture  and appliances, [including but not limited to computers
    15  and electronic devices, used in and about  the  house,]  electronic  and
    16  photographic  devices,  and  fuel[, provisions and clothing of the dece-
    17  dent] for personal use, not exceeding in aggregate  value  [ten]  twenty
    18  thousand dollars.  This subparagraph shall not include items used exclu-
    19  sively for business purposes.
    20    (2) The family bible or other religious books, family pictures, [video
    21  tapes,  and]  books, computer tapes, discs[,] and software [used by such
    22  family, and books], DVDs, CDs, audio tapes,  record  albums,  and  other

    23  electronic  storage  devices,  including  but not limited to videotapes,
    24  used by such family, not exceeding in  value  [one]  two  thousand  five
    25  hundred dollars.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10932-02-9
        A. 8969                             2
 
     1    (3)  Domestic  and  farm  animals  with their necessary food for sixty
     2  days, farm machinery, one tractor and one lawn tractor, not exceeding in
     3  aggregate value [fifteen] twenty thousand dollars.
     4    (4)  The  surviving  spouse  or  decedent's children may acquire items

     5  referred to in subparagraphs (1), (2) and  (3)  of  this  paragraph,  in
     6  excess  of  the values set forth in such subparagraphs by payment to the
     7  estate of the amount by which the value of the  items  acquired  exceeds
     8  the  amounts set forth in such subparagraphs. If any item so acquired by
     9  the spouse or  children  of  the  decedent  was  a  specific  legacy  in
    10  decedent's  will,  the payment to the estate for such item shall vest in
    11  the specific legatee.
    12    (5) One motor vehicle not exceeding  in  value  [fifteen]  twenty-five
    13  thousand  dollars.  In  the alternative, if the decedent shall have been
    14  the owner of one or more motor vehicles each of which  exceed  [fifteen]

    15  twenty-five   thousand   dollars  in  value,  the  surviving  spouse  or
    16  decedent's children may acquire one such motor vehicle from the  estate,
    17  regardless of the fact that the decedent may also have been the owner of
    18  another  motor  vehicle of lesser value than [fifteen] twenty-five thou-
    19  sand dollars, by payment to the estate of the amount by which the  value
    20  of  the motor vehicle exceeds [fifteen] twenty-five thousand dollars; in
    21  lieu of receiving such motor vehicle, the surviving spouse  or  children
    22  may  elect  to receive in cash an amount equal to the value of the motor
    23  vehicle, not to exceed [fifteen] twenty-five thousand dollars.   If  any
    24  motor  vehicle so acquired by the spouse or children of the decedent was
    25  a specific legacy in decedent's will, the payment to the estate  of  the

    26  amount  by  which the value of the motor vehicle exceeds [fifteen] twen-
    27  ty-five thousand dollars shall vest in the specific legatee.
    28    [(5)] (6) Money [or other personal property] including but not limited
    29  to cash, checking, savings and money market  accounts,  certificates  of
    30  deposit  or  equivalents thereof, not exceeding in value [fifteen] twen-
    31  ty-five thousand dollars, [except that] reduced by the excess value,  if
    32  any,  of  acquired  items referred to in subparagraphs (1), (2), (3) and
    33  (5) of this paragraph.  However, where assets are  insufficient  to  pay
    34  the  reasonable funeral expenses of the decedent, the personal represen-

    35  tative must first apply such  money  [or  other  personal  property]  to
    36  defray any deficiency in such expenses.
    37    (7)  Any  set  off  to  a  child under the age of twenty-one years not
    38  exceeding ten thousand dollars shall be covered  by  the  provisions  of
    39  section twenty-two hundred twenty of the surrogate's court procedure act
    40  as  if  the  child  were a beneficiary of the estate. Any excess amounts
    41  shall be governed by the guardianship statute, if applicable.
    42    (8) The court shall have the authority to issue such documentation  as
    43  necessary to effectuate the transfer of any items under this section.
    44    §  2. This act shall take effect on the first of January next succeed-
    45  ing the date on which it shall have become a law.