SB80: relative to qualified minor's trusts.

CHAPTER 111

SB 80 – FINAL VERSION

2007 SESSION

07-0528

01/10

SENATE BILL 80

AN ACT relative to qualified minor’s trusts.

SPONSORS: Sen. Foster, Dist 13; Sen. Reynolds, Dist 2; Rep. Dokmo, Hills 6

COMMITTEE: Judiciary

ANALYSIS

This bill authorizes a custodian to transfer custodial property to a qualified minor’s trust without a court order, therefore terminating the custodianship to the extent of the transfer.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

07-0528

01/10

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Seven

AN ACT relative to qualified minor’s trusts.

Be it Enacted by the Senate and House of Representatives in General Court convened:

111:1 New Paragraph; Uniform Transfers to Minors Act; Definition Added. Amend RSA 463-A:1 by inserting after paragraph XIII the following new paragraph:

XIII-a. “Qualified minor’s trust” means any trust, including a trust created by the custodian, of which the minor is the sole beneficiary and that satisfies the requirements of section 2503(c) of the Internal Revenue Code and the regulations implementing that section.

111:2 New Paragraph; Termination of Custodianship. Amend RSA 463-A:20 by inserting after paragraph II the following new paragraph:

III. At any time, a custodian may transfer part or all of the custodial property to a qualified minor’s trust, as defined in RSA 463-A:1, XIII-a, without a court order. Such a transfer terminates the custodianship to the extent of the transfer.

111:3 Effective Date. This act shall take effect January 1, 2008.

Approved: June 11, 2007

Effective: January 1, 2008