Section 34-NEW - [Newly enacted section not yet numbered] [Effective 1/1/2025] Protection of charitable interest(a) As used in this section:(1) "Determinable charitable interest" means a charitable interest that is a right to a mandatory distribution currently, periodically, on the occurrence of a specified event, or after the passage of a specified time and that is unconditional or will be held solely for charitable purposes.(2) "Unconditional" means not subject to the occurrence of a specified event that is not certain to occur, other than a requirement in a trust instrument that a charitable organization be in existence or qualify under a particular provision of the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as amended from time to time, and the regulations thereunder, on the date of the distribution, if the charitable organization meets the requirement on the date of determination.(b) If a first trust contains a determinable charitable interest, the Attorney General has the rights of a qualified beneficiary and may represent the public interest in charitable gifts in accordance with the authority granted to the Attorney General under section 3-125 of the general statutes.(c) If a first trust contains a charitable interest, the second trust or trusts may not: (1) Diminish the charitable interest; (2) diminish the interest of an identified charitable organization that holds the charitable interest; (3) alter any charitable purpose stated in the first-trust instrument; or (4) alter any condition or restriction related to the charitable interest.(d) If there are two or more second trusts, the second trusts shall be treated as one trust for purposes of determining whether the exercise of the decanting power diminishes the charitable interest or diminishes the interest of an identified charitable organization for purposes of subsection (c) of this section.(e) If a first trust contains a determinable charitable interest, the second trust or trusts that include a charitable interest pursuant to subsection (c) of this section shall be administered under the law of this state unless: (1) The Attorney General, after receiving notice under section 7 of this act, fails to object in a signed record delivered to the authorized fiduciary within the notice period; (2) the Attorney General consents in a signed record to the second trust or trusts being administered under the law of another jurisdiction; or (3) the exercise of the decanting power was approved by the court in accordance with section 9 of this act.(f) Sections 1 to 29, inclusive, of this act do not limit the powers and duties of the Attorney General under the law of this state.Conn. Gen. Stat. § 34-NEW
Added by P.A. 24-0104,S. 14 of the Connecticut Acts of the 2024 Regular Session, eff. 1/1/2025.