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- Alaska Statutes.
- Title 13. Decedents' Estates, Guardianships, Transfers, and Trusts.
- Chapter 12. Intestacy, Wills, and Donative Transfers
- Section 720. Family-Owned Business Deduction.
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. Disclaimer of Property Interests.
AS 13.12.720. Family-Owned Business Deduction.
- (a) If an individual includes a provision in a will, trust document, or beneficiary designation that is designed to reduce
federal estate tax liability to zero, or to the lowest possible amount payable, by describing a portion or amount
measured by reference to the unified credit, applicable exclusion amount, or exemption equivalent under 26 U.S.C. 2010
(Internal Revenue Code), or to other credits or deductions under 26 U.S.C. (Internal Revenue Code), then unless
specifically stated otherwise, the reference to the unified credit, applicable exclusion amount, exemption equivalent,
other credit, or other deduction shall be considered to include a reference to the family-owned business deduction
available and allowed under 26 U.S.C. 2057 (Internal Revenue Code).
- (b) Unless specifically stated otherwise, the reference in the will, trust document, or beneficiary designation to the
unified credit, applicable exclusion amount, exemption equivalent, family-owned business deduction, other credit, or
other deduction shall be considered to refer to the unified credit, applicable exclusion amount, exemption equivalent,
family-owned business deduction, other credit, or other deduction as it exists at the time of death of the individual.
Article 08. GENERAL PROVISIONS CONCERNING PROBATE AND NONPROBATE TRANSFERS
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