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Bill Watch, Jan. 7, 2016: Current Estate Planning & Administration Legislation of Note - Estate Planning and Administration News

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Estate Planning and Administration News


Posted on: Jan 7, 2016

The IndyBar Legislative Committee is currently monitoring the following estate planning and administration related legislation. IndyBar members can request that the Legislative Committee track specific legislation by contacting committee chair Lawren Mills at Lawren.Mills@icemiller.com.

Click here to view the full Bill Watch reports.

HB1083    QUALIFIED TERMINABLE INTEREST PROPERTY TRUSTS. (WASHBURNE T) Adds rules for the interpretation of qualified terminable interest property trusts. Provides that, under certain circumstances, an individual who contributes assets to a trust and whose spouse is a beneficiary of the trust at the time of the contribution may not be considered to be or treated as a settlor of the trust.

SB31    PROBATE CODE STUDY COMMISSION. (ZAKAS J) Establishes the probate code study commission (commission). Requires the commission to study and recommend to the general assembly changes that are needed in the probate code (IC 29-1), the trust code (IC 30-4), and other statutes affecting the administration of a decedent's estate, guardianships, probate jurisdiction, trusts, or fiduciaries. Provides for the governor to appoint 11 lay members, including two residents of Indiana who work in the trust department of a bank, trust company, savings institution, or credit union, for the president pro tempore of the senate to appoint three members from the senate, and for the speaker of the house of representatives to appoint three members from the house of representatives. Provides that a legislative or lay member serves a term of two years and may be reappointed to the commission. Provides for the president pro tempore of the senate to appoint a chairperson and vice chairperson in even-numbered years and for the speaker of the house to appoint a chairperson and vice chairperson in odd-numbered years.

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