Bill Summary for S 450 (2017-2018)

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Summary date: 

Apr 26 2017

Bill Information:

View NCGA Bill Details2017-2018 Session
Senate Bill 450 (Public) Filed Tuesday, March 28, 2017
AN ACT TO ADOPT THE NORTH CAROLINA UNIFORM TRUST DECANTING ACT.
Intro. by Newton, Daniel.

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Bill summary

Senate committee substitute makes the following changes to the 1st edition.

Amends subsection (c) in proposed GS 36C-8B-11 (Decanting power) concerning the authority of a second trust to create or modify a power of appointment. Clarifies that a second trust can create or modify a power of appointment if the power holder is a current beneficiary or a remainder beneficiary of the first trust who is not the authorized beneficiary provided the respective previously provided criteria are met. Adds new subsection (f) deeming the first trust to include the decanting power for purposes of GS 36C-8-814 (trustee discretionary powers and tax savings). 

Makes clarifying changes to subdivision (b)(6) in proposed GS 36C-8B-19, pertaining to grantor trusts.

Adds new Section 2.4, repealing GS 63C-8-816.1 (Trustee's special power to appoint to a second trust).