N.Y. EPT Law § 2-1.13 — New York Code / Act EPT / Article 2 / Part 1 / Section 2-1.13
Certain formula clauses to be construed to refer to the federal
Status: in_force

§ 2-1.13 Certain formula clauses to be construed to refer to the federal\n           estate and generation-skipping transfer tax laws applicable\n           to estates of decedents dying after December thirty-first,\n           two thousand nine and before January first, two thousand\n           eleven\n  (a)(1) If by reason of the death of a decedent property passes or is\nacquired under a beneficiary designation, a will or trust of a decedent\nwho dies after December thirty-first, two thousand nine and before\nJanuary first, two thousand eleven, that contains a bequest or other\ndisposition based upon the amount of property that can be sheltered from\nfederal estate tax by referring to the "unified credit", "estate tax\nexemption", "applicable exclusion amount", "applicable exemption\namount", "applicable credit amount", "marital deduction", "maximum\nmarital deduction", "unlimited marital deduction", "charitable\ndeduction", "maximum charitable deduction" or similar words or phrases\nrelating to the federal estate tax, or that measures a share of an\nestate or trust based on the amount that can pass free of federal estate\ntaxes, or that is otherwise based on a similar provision of federal\nestate tax then such beneficiary designation, will or trust shall be\ndeemed to refer to the federal estate tax law as applied with respect to\ndecedents dying in two thousand ten, regardless of whether an election\nis made not to have the federal estate tax apply to a particular estate.\n  (2) If by reason of the death of a decedent property passes or is\nacquired under a beneficiary designation, a will or trust of a decedent\nwho dies after December thirty-first, two thousand nine and before\nJanuary first, two thousand eleven, that contains a bequest or other\ndisposition based upon the amount of property that can be sheltered from\nfederal generation-skipping transfer tax by referring to the\n"generation-skipping transfer tax exemption", "GST exemption",\n"generation-skipping transfer tax", "GST tax" or similar words or\nphrases that measures a share of an estate or trust based on the amount\nthat can pass free of federal generation-skipping transfer taxes, or\nthat is otherwise based on a similar provision of federal\ngeneration-skipping transfer tax law, then such beneficiary designation,\nwill or trust shall be deemed to refer to the federal\ngeneration-skipping transfer tax law in effect in two thousand ten,\nregardless of whether an election is made not to have the federal estate\ntax apply to a particular estate.\n  (3) This paragraph shall not apply to a beneficiary designation, will\nor trust that manifests an intent that a contrary rule shall apply.\n  (b) The executor, trustee or other interested person under a\nbeneficiary designation, will or trust referred to in paragraph (a) of\nthis section may bring a proceeding to determine whether the beneficiary\ndesignation, will or trust manifests a contrary intention within the\nmeaning of subparagraph three of paragraph (a) of this section. In any\nsuch proceeding, extrinsic evidence may be admitted to establish the\ndecedent's intent.\n  (c) Any proceeding described in paragraph (b) of this section must be\ncommenced by the date which is (1) twenty-four months following the date\nof death of the decedent, testator or grantor or (2) six months\nfollowing the day on which the chapter of the laws of two thousand\neleven which amended this paragraph became a law, whichever date is\nlater, and not at any time thereafter. Notwithstanding the foregoing,\nthe time to commence such a proceeding may be extended, in the\ndiscretion of the court, on a petition showing reasonable cause and on\nnotice to such persons and in such manner as the court may direct.\n