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NJ S3076
Bill
Status
Introduced
4/11/2024
Primary Sponsor
Anthony M. Bucco
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AI Summary
- New Jersey courts may order up to 10 percent of child support payments to be placed in an irrevocable trust when both parties agree, without increasing the total support amount owed
- Each child who is the basis for the support payment must be established as a beneficiary of the trust, with a trustee appointed based on the parties' recommendation
- Trust funds are distributed to the beneficiary upon turning 18 years of age, or at an age specified in the trust terms
- Courts retain authority to amend trust terms based on changing circumstances and to appoint a special fiduciary if the trustee fails to act in good faith or in the trust's best interests
Legislative Description
Amends appropriations act to provide funding for restoration of State school aid reductions for certain school districts; shifts $64,920,000 from certain appropriations for purposes of restoring aid; provides supplemental appropriation of $145,215,047.
Education
Last Action
Introduced in the Senate, Referred to Senate Education Committee
4/11/2024
Committee Referrals
Education4/11/2024
Full Bill Text
No bill text available