12RS HB155
LRC Seal

HB155

12RS

WWW Version

The hyperlink to a bill draft that precedes a summary contains the most recent version (Introduced/GA/Enacted) of the bill. If the session has ended, the hyperlink contains the latest version of the bill at the time of sine die adjournment. Note that the summary pertains to the bill as introduced, which is often different from the most recent version.


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)

Vote History
Legislature Home Page | Record Front Page