Raymond Radigan and Kassandra Polanco Is the Third Time the Charm? NYS Assembly Considers Amendment Increasing Individual Charitable Trustee Commission in 2021 Legislative Session
In this Trusts and Estates law column, Raymond Radigan and Kassandra Polanco discuss proposed legislation that would increase the commission of an individual charitable trustee, and allow such commission to be derived from both the income and principal of a wholly charitable trust.
September 10, 2021 at 12:15 PM
8 minute read
Over three legislative sessions, various New York state legislators have introduced legislation seeking to increase the commission of individual trustees of wholly charitable trusts. Assembly Bill A7800 (the Proposed Legislation) was introduced in the 2021-2022 Legislative Session and currently sits in the Assembly for review. On May 21, 2021 it was referred to the Judiciary Committee for review. If enacted, the Proposed Legislation would increase the commission of an individual charitable trustee, and allow such commission to be derived from both the income and principal of a wholly charitable trust. Thus, this amendment would compensate individual trustees of wholly charitable trusts in the same manner as individual trustees of non-charitable trusts, subject to a percentage reduction as set forth below.
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