Bill > S07475

This bill amends the Surrogate's Court Procedure Act to change the computation and allocation of commissions for trustees of charitable trusts. The key provisions are: 1. Trustees of charitable trusts can only retain 80% of the standard commission rates specified in the law, and for portions of the trust exceeding $20 million in principal value, the trustee can only take 50% of the standard rate. 2. Trustees of charitable trusts are not entitled to any commissions for paying out principal. 3. The annual commissions for charitable trusts are payable one-third from the trust's income and two-thirds from the principal, except for certain types of charitable trusts where the commissions are payable solely from the corpus. 4. The bill applies to all charitable trusts in existence on or after the effective date, but allows trustees to continue taking commissions under the prior law until the end of the year the bill takes effect.

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https://www.nysenate.gov/legislation/bills/2023/S7475