Advertising with us can place you in front of thousands of visitors a day. Learn more!
- Alaska Statutes.
- Title 13. Decedents' Estates, Guardianships, Transfers, and Trusts.
- Chapter 36. Trust Administration
- Section 169. Elections to Qualify Property For Marital Deduction and Generation-Skipping Transfer Tax Allocations.
previous: Section 165
. Withdrawals From Mingled Trust Funds.
next: Section 170
. Unenforceable Oral Trust Created By Deed.
AS 13.36.169. Elections to Qualify Property For Marital Deduction and Generation-Skipping Transfer Tax Allocations.
- (a) Unless a governing instrument specifically refers to this section and provides otherwise, a trustee who makes an
election under 26 U.S.C. 2056, 2056A, or 2523 (Internal Revenue Code), or who makes an allocation under 26 U.S.C. 2632
(Internal Revenue Code), may benefit personally from the election or allocation and is not required to reimburse
another person interested in the election or allocation, to make an equitable adjustment, or to treat interested
persons impartially with respect to the election or allocation.
- (b) Unless a governing instrument specifically refers to this section and provides otherwise, if an election is made under
26 U.S.C. 2056, 2056A, or 2523 (Internal Revenue Code), if an allocation is made under 26 U.S.C. 2632 (Internal Revenue
Code), or if division of a trust benefits the persons interested in the trust, the trustee may divide the trust into
two or more separate trusts of equal or unequal value if the terms of the separate resulting trusts are substantially
identical to the terms of the trust before the division. The allocation of assets must be based on the fair market
value of the assets at the time of the division.
- (c) Except as provided in (d) of this section, this section applies to
- (1) a trust that is created on or after August 9, 2000; or
- (2) the decisions and actions of a trust that is in existence on August 9, 2000 if the decisions are made or actions occur
on or after August 9, 2000.
- (d) The application provisions of (c) of this section do not apply if
- (1) the terms of the trust, including the terms as amended, expressly provide that this section does not apply and either
specifically refer to this section or otherwise clearly demonstrate the intent that this section does not apply; or
- (2) the trust is irrevocable and all parties in interest elect not to be subject to the application of this section; an
election under this paragraph must be made on or before January 1, 2003, or three years after the date on which the
trust becomes irrevocable, whichever date is later; however, notwithstanding AS 13.36.080
, the trustee does not have a duty to inform the parties in interest of this election; the election allowed under this
paragraph must be made by a written declaration delivered to the trustee.
All content © 2008 by Touch
N' Go/Bright Solutions, Inc.
Note to HTML Version:
This version of the Alaska Statutes is current through December, 2007. The Alaska Statutes were automatically converted to HTML from a plain text format. Every effort has been made to ensure their accuracy, but this can not be guaranteed. If it is critical that the precise terms of the Alaska Statutes be known, it is recommended that more formal sources be consulted. For statutes adopted after the effective date of these statutes, see, Alaska State Legislature
If any errors are found, please e-mail Touch N' Go systems at E-mail. We
hope you find this information useful.