Phillip Chen
- Republican
- Assemblymember
- District 59
Existing law provides for the creation and administration of trusts, including irrevocable trusts. Existing law makes invalid provisions of a trust that restrict the transfer of the settlor's interest if the settlor of the trust is a beneficiary. Existing law also authorizes the creditors of a settlor who is also a beneficiary of the trust to reach the amount of income or principal of the trust that the trustee could, at their discretion, pay to or for the benefit of the settlor under the trust instrument, as specified. This bill would prohibit a settlor from being considered a beneficiary of an irrevocable trust created by the settlor solely by reason of a discretionary authority vested in the trustee to pay directly or reimburse the settlor for any federal or state income tax on trust income or principal that is payable by the settlor, and would prohibit a transferee or creditor of the settlor from being entitled to reach any amount solely by a reason of that discretionary authority.
Approved by the Governor.
Chaptered by Secretary of State - Chapter 32, Statutes of 2022.
Enrolled and presented to the Governor at 2 p.m.
In Assembly. Ordered to Engrossing and Enrolling.
Read third time. Passed. Ordered to the Assembly. (Ayes 38. Noes 0. Page 4130.).
Read second time. Ordered to Consent Calendar.
From committee: Do pass. To Consent Calendar. (Ayes 8. Noes 0.) (May 31).
In Senate. Read first time. To Com. on RLS. for assignment.
Read third time. Passed. Ordered to the Senate. (Ayes 72. Noes 0. Page 3916.)
Read second time. Ordered to Consent Calendar.
From committee: Do pass. To Consent Calendar. (Ayes 10. Noes 0.) (March 15).
From printer. May be heard in committee March 11.
Read first time. To print.
Bill Text Versions | Format |
---|---|
AB1866 | HTML |
02/08/22 - Introduced | |
06/10/22 - Enrolled | |
06/21/22 - Chaptered |
Document | Format |
---|---|
03/10/22- Assembly Judiciary | |
05/27/22- Senate Judiciary | |
06/03/22- Sen. Floor Analyses |
Data on Open States is updated periodically throughout the day from the official website of the California State Legislature.
If you notice any inconsistencies with these official sources, feel free to file an issue.