Sec. 13.38.810. Mandatory disbursements from principal.
(a) A trustee shall make the following disbursements from principal: (1) extraordinary expenses incurred in connection with the administration, management, or preservation of trust property and the distribution of income; (2) extraordinary repairs; (3) compensation for legal services to the trustee; (4) expenses in connection with accountings and judicial or other proceedings, including proceedings to […]
Sec. 13.41.035. Creditor’s rights.
This chapter does not affect rights of creditors with respect to property to which this chapter applies.
Sec. 13.38.820. Discretionary allocation of expenses.
Subject to AS 13.38.800 and 13.38.810, a trustee may, in the trustee’s discretion, allocate to income or principal or partly to each ordinary expenses incurred in connection with the administration, management, or preservation of trust property and the distribution of income, including the compensation of the trustee and of a person providing investment advisory, custodial, […]
Sec. 13.41.040. Acts of married persons.
This chapter does not prevent married persons from severing or altering their interests in property to which this chapter applies.
Sec. 13.38.830. Transfers to principal for depreciation.
(a) A trustee may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation. However, a trustee may not transfer any amount for depreciation (1) of that portion of real property used or available for use by a beneficiary as a residence or of tangible […]
Sec. 13.41.045. Limitations on testamentary disposition.
This chapter does not authorize a person to dispose of property by will if it is held under limitations imposed by law preventing testamentary disposition by that person.
Sec. 13.38.840. Transfers from income to reimburse principal.
(a) A trustee may transfer an appropriate amount from income to principal in one or more accounting periods to reimburse principal or to provide a reserve for future disbursements if the trustee makes or expects to make a disbursement from principal that is allocable to income under AS 13.38.800 or 13.38.820 and that is paid […]
Sec. 13.38.850. Income taxes.
(a) A tax required to be paid by a trustee based on receipts allocated to income shall be paid from income. (b) A tax required to be paid by a trustee based on receipts allocated to principal shall be paid from principal, even if the tax is called an income tax by the taxing authority. […]
Sec. 13.38.860. Adjustments between principal and income because of taxes.
A trustee may make adjustments between principal and income to offset the shifting of economic interests or tax benefits between income beneficiaries and remainder beneficiaries that arise from (1) an election or decision that the trustee makes regarding tax matters; (2) an income tax or any other tax that is imposed on the trustee or […]
Sec. 13.38.900. Not applicable to mental health trust.
This chapter does not apply to the trust established under the Alaska Mental Health Enabling Act of 1956, P.L. 84-830, 70 Stat. 709.