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NY A09757
Bill
Status
7/22/2014
Primary Sponsor
Edward Braunstein
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AI Summary
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Amends subparagraph 10 of section 10-6.6 of the Estates, Powers and Trusts Law to correct a cross-reference from section 7-1.1 to section 7-1.11.
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Clarifies that a trust creator is not considered a beneficiary when a trustee pays trust principal to the creator under section 7-1.11 or under authority granted in the trust instrument.
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Establishes that a trust creator is not considered a beneficiary when the trustee pays or reimburses the creator for taxes on trust income or principal, or pays such taxes directly to taxing authorities.
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Takes effect immediately and is deemed effective retroactively to November 13, 2013.
Legislative Description
Makes a technical correction relating to exercise of power of appointment and an authorized trustee's authority to invade trust principal.
Last Action
signed chap.130
7/22/2014