S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 6024--A

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                             March 10, 2015
                               ___________

Introduced  by  M.  of  A.  WEINSTEIN  --  read once and referred to the
  Committee on Judiciary -- committee discharged, bill amended,  ordered
  reprinted as amended and recommitted to said committee

AN  ACT  to  amend  the  estates,  powers and trusts law, in relation to
  payment of interest on delayed legacies to  genetic  children  of  the
  decedent

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Paragraph 3 of section 11-A-2.1 of the estates, powers  and
trusts law, as amended by chapter 404 of the laws of 2014, is amended to
read as follows:
  (3)  Unless  otherwise  provided  by  the  terms of the will or trust,
commencing (A) seven months from either the date of death or other  date
a  beneficiary  is to receive a pecuniary amount outright if letters are
not required, UNLESS THE BENEFICIARY IS A GENETIC CHILD, THEN SUCH  DATE
SHALL  BE  THE LATER OF THE AFOREMENTIONED TIME PERIODS IN THIS SUBPARA-
GRAPH OR THE DATE OF BIRTH OF THE GENETIC CHILD ENTITLED TO INHERIT FROM
THE CHILD'S GENETIC PARENT UNDER SECTION 4-1.3 OF THIS CHAPTER,  or  (B)
seven  months  from the time letters, including preliminary or temporary
letters, are granted if letters are required, UNLESS THE BENEFICIARY  IS
A GENETIC CHILD, THEN SUCH DATE SHALL BE THE LATER OF THE AFOREMENTIONED
TIME  PERIOD  IN  THIS  SUBPARAGRAPH OR THE DATE OF BIRTH OF THE GENETIC
CHILD ENTITLED TO INHERIT FROM THE CHILD'S GENETIC PARENT UNDER  SECTION
4-1.3 OF THIS CHAPTER,  a fiduciary shall distribute income to a benefi-
ciary  who  receives a pecuniary amount outright, from net income deter-
mined under paragraph (2) or from  principal  to  the  extent  that  net
income  is  insufficient,  of  an  amount  equal to the pecuniary amount
multiplied by an income factor, which shall be set  (or  reset)  on  the
first  business  day  of  each calendar year and fixed for that calendar
year at the target Federal  funds  rate  as  announced  by  the  Federal
Reserve  Board (or in the event the target Federal funds rate is a range

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07962-03-5
              

A. 6024--A                          2

of rates, the high of that range) less one percent, but in no event less
than one-half of one percent.
  S  2.  This  act  shall take effect immediately and shall be deemed to
have been in full force and effect on and after December 20,  2014,  and
the  provisions  of this act shall apply to estates of the decedents who
shall have died on or after such date.