Sec. 13.38.620. Business and other activities conducted by trustee.
(a) If a trustee that conducts a business or other activity determines that it is in the best interest of all the beneficiaries to account separately for the business or other activity instead of accounting for it as part of the trust’s general accounting records, the trustee may maintain separate accounting records for the transactions […]
Sec. 13.38.430. Power to treat gains as part of distribution of principal.
Unless prohibited by the unitrust’s governing instrument or specifically addressed by AS 13.38.350 or 13.38.420, the trustee of a unitrust may treat gains from the sale of capital assets of the unitrust as part of a distribution of principal to a beneficiary, and, if the trustee treats those gains as part of a distribution of […]
Sec. 13.38.435. Definitions.
In AS 13.38.300 – 13.38.435, (1) “smoothing period” means the period of years over which the fair market value of the assets of a unitrust are averaged; (2) “unitrust percentage” means the unitrust percentage established under AS 13.38.330(d).
Sec. 13.38.440. Charitable trust election.
The trustee of a trust held exclusively for charitable purposes may elect to be governed by AS 13.38.440 – 13.38.490 unless the governing instrument expressly provides that the election provided by AS 13.38.440 – 13.38.490 is not available.
Sec. 13.38.450. Requirements for making election.
To make an election under AS 13.38.440 – 13.38.490, the trustee shall adopt and follow an investment policy seeking a total return for the investments held by the trust, whether the return is to be derived from appreciation of capital or earnings and distributions with respect to capital or both. The policy constituting the election […]
Sec. 13.38.460. Selection of percentage after charitable trust election.
(a) After a trustee has elected under AS 13.38.440 for the trust to be governed by AS 13.38.440 – 13.38.490, the trustee shall, in a writing maintained as part of the permanent records of the trust, select the percentage of the value of the trust that will be considered income and determine that it is […]
Sec. 13.38.320. Factors to be considered.
In deciding whether to exercise the power conferred by AS 13.38.300, a trustee may consider, among other things, (1) the size of the trust; (2) the nature and estimated duration of the trust; (3) the liquidity and distribution requirements of the trust; (4) the need for regular distributions and preservation and appreciation of capital; (5) […]
Sec. 13.38.470. Revocation of charitable trust election.
The trustee may revoke an election to be governed by AS 13.38.440 – 13.38.490 if the revocation is made as part of an alternative investment policy seeking the long-term preservation of the real value of the principal of the trust. The revocation and alternative investment policy must be in writing and maintained as part of […]
Sec. 13.38.330. Directions after conversion.
(a) After a trust is converted to a unitrust, the trustee shall (1) follow an investment policy seeking a total return for the investments held by the trust, whether the return is to be derived from (A) appreciation of capital; (B) earnings and distributions from capital; or (C) both (A) and (B) of this paragraph; […]
Sec. 13.38.480. Value determination.
For the purposes of applying AS 13.38.440 – 13.38.490, the value of the trust is the fair market value of the cash and other assets held by the trustee with respect to the trust, whether these assets would be considered income or principal under the other provisions of this chapter, determined at least annually. In […]