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 […]
Sec. 13.38.340. Trustee’s discretionary powers regarding unitrust.
The trustee may, in the trustee’s discretion, from time to time, determine (1) the effective date of a conversion to a unitrust; (2) the provisions for prorating a unitrust distribution for a short year in which a beneficiary’s right to payments commences or ceases; (3) the frequency of unitrust distributions during the year; (4) the […]
Sec. 13.38.490. Definitions.
In AS 13.38.440 – 13.38.490, except as otherwise expressly stated in AS 13.38.440 – 13.38.490, (1) “income” means the percentage of the value of the trust computed under AS 13.38.440 – 13.38.490; (2) “principal” means all assets other than those identified as income in (1) of this section that are held by the trustee with […]
Sec. 13.38.350. Unitrust deductions and distributions.
(a) Expenses that would be deducted from income if the trust were not a unitrust may not be deducted from the unitrust distribution. (b) Unless otherwise provided by the governing instrument, a unitrust distribution shall be considered to have been paid from net income as net income would be determined if the trust were not […]
Sec. 13.38.500. Determination and distribution of net income.
After a decedent dies in the case of an estate, or after an income interest in a trust ends, a fiduciary (1) of an estate or of a terminating income interest shall determine the amount of net income and net principal receipts received from property specifically given to a beneficiary under (5) of this section […]