HB 76 -- TRUSTEE POWERS

Under this bill a nonsettlor trustee's power to make
discretionary distributions to others may not be exercised to
discharge any of the trustee's legal obligations.

HB 76 -- TRUSTEE POWERS (Smith)

Under this bill a non-settlor trustee's power to make
discretionary distributions to others may not be exercised to
discharge any of the trustee's legal obligations.

FISCAL NOTE:  No impact on state funds.

HB 76 -- TRUSTEE POWERS

SPONSOR:  Smith

COMMITTEE ACTION:  Voted "do pass by consent" by the Committee
on Civil and Administrative Law by a vote of 17 to 0.

Under this bill a non-settlor trustee's power to make
discretionary distributions to others may not be exercised to
discharge any of the trustee's legal obligations.

FISCAL NOTE:  No impact on state funds.

PROPONENTS:  Supporters say that this bill is necessary to help
trust settlors implement their wishes regarding trustee choice
in light of the IRS' pronounced intentions for applying IRC
section 2041 in the future.

Testifying for the bill were Representative Smith; and George R.
Haydon, Jr.

OPPONENTS: There was no opposition voiced to the committee.

Julie Jinkens McNitt, Legislative Analyst

HB 76 -- Trustee Powers

Sponsor:  Smith

Under this bill a non-settlor trustee's power to make
discretionary distributions to others may not be exercised to
discharge any of the trustee's legal obligations.