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AL HB47
Bill
Status
4/12/2023
Primary Sponsor
Cynthia Almond
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AI Summary
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Increases the minimum threshold for trustee termination of uneconomic trusts from $50,000 to $100,000.
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Allows the $100,000 threshold to be adjusted annually starting January 1, 2024, based on changes to the Consumer Price Index (CPI-U).
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Specifies that any adjustment shall be rounded down for increases or rounded up for decreases to the nearest $100 increment.
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Requires the State Treasurer to publish an annual cumulative list by February 1st of each year showing the adjusted dollar amounts for trust value determinations.
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Becomes effective immediately upon passage and approval by the Governor.
Legislative Description
Relating to the Alabama Uniform Trust Code; to amend Section 19-3B-414, Code of Alabama 1975, to further provide for the modification or termination of an uneconomic trust.
Alabama Uniform Trust Code; modification or termination of an uneconomic trust, further provided.
Last Action
Referred to Committee to Senate Banking and Insurance
4/12/2023