NY Est Pow & Trusts L § 2-1.13 (2021)
2021 New York Laws EPT - Estates, Powers and Trusts Article 2 - Rules Governing Dispositions Subject to This Law Part 1 - Substantive Rules Governing Dispositions 2-1.13 - Certain Formula Clauses to Be Construed to Refer to the Federal Estate and Generation-Skipping Transfer Tax Laws Applicable to Estates of Decedents Dying After December Thirty-First, Two Thousand Nine and Before January First, Two Thousand Eleven

§ 2-1.13 Certain formula clauses to be construed to refer to the federal            estate  and  generation-skipping transfer tax laws applicable            to estates of decedents dying  after  December  thirty-first,            two  thousand  nine  and  before  January first, two thousand            eleven  (a)(1) If by reason of the death of a decedent property passes  or  is acquired  under a beneficiary designation, a will or trust of a decedent who dies after December  thirty-first,  two  thousand  nine  and  before January  first,  two  thousand  eleven, that contains a bequest or other disposition based upon the amount of property that can be sheltered from federal estate tax by referring to the  "unified  credit",  "estate  tax exemption",   "applicable   exclusion   amount",  "applicable  exemption amount",  "applicable  credit  amount",  "marital  deduction",  "maximum marital   deduction",   "unlimited   marital   deduction",   "charitable deduction", "maximum charitable deduction" or similar words  or  phrases relating  to  the  federal  estate  tax,  or that measures a share of an estate or trust based on the amount that can pass free of federal estate taxes, or that is otherwise based on  a  similar  provision  of  federal estate  tax  then  such  beneficiary designation, will or trust shall be deemed to refer to the federal estate tax law as applied with respect to decedents dying in two thousand ten, regardless of whether  an  election is made not to have the federal estate tax apply to a particular estate.  (2)  If  by  reason  of  the death of a decedent property passes or is acquired under a beneficiary designation, a will or trust of a  decedent who  dies  after  December  thirty-first,  two  thousand nine and before January first, two thousand eleven, that contains  a  bequest  or  other disposition based upon the amount of property that can be sheltered from federal   generation-skipping   transfer   tax   by   referring  to  the "generation-skipping   transfer   tax   exemption",   "GST   exemption", "generation-skipping  transfer  tax",  "GST  tax"  or  similar  words or phrases that measures a share of an estate or trust based on the  amount that  can  pass  free  of federal generation-skipping transfer taxes, or that  is  otherwise  based   on   a   similar   provision   of   federal generation-skipping transfer tax law, then such beneficiary designation, will   or   trust   shall   be   deemed   to   refer   to   the  federal generation-skipping transfer tax law in  effect  in  two  thousand  ten, regardless of whether an election is made not to have the federal estate tax apply to a particular estate.  (3)  This paragraph shall not apply to a beneficiary designation, will or trust that manifests an intent that a contrary rule shall apply.  (b)  The  executor,  trustee  or  other  interested  person  under   a beneficiary  designation,  will or trust referred to in paragraph (a) of this section may bring a proceeding to determine whether the beneficiary designation, will or trust manifests a  contrary  intention  within  the meaning  of  subparagraph three of paragraph (a) of this section. In any such proceeding, extrinsic evidence may be  admitted  to  establish  the decedent's intent.  (c)  Any proceeding described in paragraph (b) of this section must be commenced by the date which is (1) twenty-four months following the date of death of  the  decedent,  testator  or  grantor  or  (2)  six  months following  the  day  on  which  the  chapter of the laws of two thousand eleven which amended this paragraph became  a  law,  whichever  date  is later,  and  not  at any time thereafter. Notwithstanding the foregoing, the time  to  commence  such  a  proceeding  may  be  extended,  in  the discretion  of  the court, on a petition showing reasonable cause and on notice to such persons and in such manner as the court may direct.