Bill > A07523

This bill amends the Surrogate's Court Procedure Act to change the computation and allocation of commissions for trustees of charitable trusts in New York. Key provisions include: 1) Limiting the annual commissions that trustees can retain from charitable trusts with a principal value over $20 million to 50% of the standard rates. 2) Prohibiting trustees from taking commissions for paying out principal from charitable trusts, and requiring commissions to be paid one-third from income and two-thirds from principal (with exceptions for certain trust types). 3) Allowing trustees of existing charitable trusts to continue taking commissions under the prior law until the end of the year this bill takes effect. The bill aims to provide more oversight and limit the fees charged by trustees managing large charitable trusts in New York.