§ 11-1.11 Limited power of fiduciary to amend trust for certain tax\n purposes\n (a) Unless expressly prohibited by the terms of the instrument\ncreating an express trust, the terms of the trust instrument shall be\ndeemed to include the following provision granting the trustee, which\nterm as defined in paragraph (h) of this section may mean the executor\nor administrator, a limited power to amend:\n "The trustees shall have the limited power to amend the administrative\nand other provisions of the trust which have no significant dispositive\neffects within the meaning of paragraph (i) of this section on an\ninterest described in such paragraph, by an acknowledged instrument in\nwriting, in order to:\n (i) achieve a qualified reformation of a reformable interest into a\nqualified interest for purposes of the charitable deduction as permitted\nby section 2055(e)(3) or 2522(c)(4) of the United States Internal\nRevenue Code ("Code") and the regulations thereto, or achieve a\nreformation of a charitable remainder trust permitted by section 664 of\nthe Code and the regulations thereto;\n (ii) meet the requirements of a qualified domestic trust for a\nsurviving spouse who is not a citizen of the United States under\nsections 2056(d) and 2056A(a) of the Code and the regulations thereto;\nand\n (iii) meet the requirements of a personal residence trust under\nsection 2702(a)(3) or to meet the definition of a qualified interest\nunder section 2702(b) of the Code, and the regulations thereto."\n (b) (1) No trustee may exercise any power created under paragraph (a)\nof this section with respect to any trust that is exempt from tax\nimposed by the provisions of chapter 13 of the Code or has an inclusion\nratio, as defined in section 2642(a) of the Code, of zero if the\nexercise of such power would cause such trust to lose in whole or in\npart its exemption from the tax imposed by the provisions of chapter 13\nof the Code or cause such trust to have an inclusion ratio, as defined\nin section 2642(a) of the Code, of more than zero.\n (2) If the creator of an express trust or a beneficiary (whether\ncurrent, future or contingent) of income or principal of an express\ntrust is serving as a trustee of the express trust, the creator or such\nbeneficiary cannot participate in the exercise of the power to amend\nsuch express trust pursuant to this section. If two or more trustees are\nserving, the power to amend such express trust may be exercised by the\ntrustees who are not so disqualified.\n (c) Such amendment shall be embodied in one or more writings signed\nand acknowledged in the manner required by the laws of this state for\nthe recording of a conveyance of real property by the trustee and filed\nin the office of the clerk of the court having jurisdiction over the\ninstrument. At least thirty (30) days prior to such filing, notice of\nsuch amendment, together with a copy of the amendment, shall be sent by\nregistered or certified mail, return receipt requested, or by personal\ndelivery to all persons interested in the trust, or to the guardian of\nthe property, committee, conservator, adult guardian, or personal\nrepresentative of any such persons under a disability, or to the parent\nor person with whom a minor resides. Such notice shall include the\nfollowing statement: "If you wish to object to the proposed amendment,\nyou should notify the trustee (executor or administrator) of your\nobjections in a writing signed and acknowledged by you before a notary\nin the manner required by the laws of the state of New York for the\nrecording of a conveyance of real property. Such written objection must\nbe personally delivered or mailed to the trustee (executor or\nadministrator) by registered or certified mail, return receipt\nrequested, within thirty (30) days of the date when the notice was\npersonally delivered or mailed to you. If no such objection to the\nproposed amendment is made by any person interested in the trust‹ Prev All New York sections Next ›
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