HB 155 (BR 341) - T. Kerr
AN ACT relating to the creation and administration of trusts and estates.
Amend KRS 386.454 relating to the Kentucky Principal and Income Act to permit a trustee to reallocate principal to income without court approval under named circumstances; amend KRS 386.450 to define "unitrust"; create new sections and amend sections of KRS Chapter 386 to create Kentucky "decanting" statutes to permit creation of a new trust; amend KRS 386.502 to clarify the effective date of the Kentucky Uniform Principal and Income Act; amend KRS 386.810 and 395.195 to permit trustee to deal with Medicare surtax issues; amend KRS 381.180 relating to spendthrift trusts to deal with Federal income tax and related issues; create new sections of KRS Chapter 387 to create a self-settled special needs "Pay Back" trust.
HB 155 - AMENDMENTS
HCS - Make technical corrections.
SFA (1, R. Stivers II) - Amend to provide that when notice is to be provided by the trustee to a beneficiary in order to effectuate an act by the trustee, the notice must be delivered to the beneficiary by certified mail, restricted delivery, with a return receipt; provide that if delivery cannot be made to a beneficiary then authorize the trustee to seek court approval to effectuate the purpose behind the notice.
(Prefiled by the sponsor(s).)
Jan 3-introduced in House; to Judiciary (H)
Mar 5-posted in committee
Mar 7-reported favorably, 1st reading, to Consent Calendar with Committee Substitute
Mar 8-2nd reading, to Rules; posted for passage in the Consent Orders of the Day for Monday, March 12, 2012
Mar 12-3rd reading, passed 95-0 with Committee Substitute
Mar 13-received in Senate
Mar 15-to Judiciary (S)
Mar 22-reported favorably, 1st reading, to Calendar; floor amendment (1) filed
Mar 23-2nd reading, to Rules
Mar 27-posted for passage in the Regular Orders of the Day for Tuesday, March 27, 2012; 3rd reading, passed 36-0 with floor amendment (1)
Mar 28-received in House; to Rules (H)
Mar 30-posted for passage for concurrence in Senate floor amendment (1) ; House concurred in Senate floor amendment (1) ; passed 92-0; enrolled, signed by each presiding officer; delivered to Governor
Apr 11-signed by Governor (Acts ch. 59)