NY S07475

Reduces annual commissions for trustees of charitable trusts from the existing rate to 80 percent of the rates specified in subdivision 2 of section 2308 and 2309, with an additional cap of 50 percent of the specified rate for trust portions exceeding $20 million in principal value.

Eliminates trustee commissions from principal when paying out principal from charitable trusts, while maintaining commissions from income and accumulated income.

Removes the previous 6 percent annual commission rate on income collected from charitable trusts and replaces it with the reduced rates referenced above.

Applies the new commission structure to all trusts in existence on the effective date, but allows existing trustees to elect to continue taking commissions under the prior law until December 31 of the year the act takes effect.