Sec. 13.38.730. Property not productive of income; marital deduction.
(a) If a federal estate or gift tax marital deduction is allowed for all or part of a trust whose income is required to be paid to the settlor’s or testator’s spouse and whose assets consist substantially of property that does not provide the spouse with sufficient income from or use of the trust assets, […]
Sec. 13.38.560. Allocation of receipts and disbursements when decedent dies or income interest begins.
(a) Unless AS 13.38.500(1) applies, a trustee shall allocate an income receipt or disbursement to principal if its due date occurs before (1) a decedent dies, in the case of an estate; or (2) an income interest begins, in the case of a trust or successive income interest. (b) A trustee shall allocate an income […]
Sec. 13.38.740. Derivatives and options.
(a) To the extent that a trustee does not account under AS 13.38.620 for transactions in derivatives, the trustee shall allocate receipts from and disbursements made in connection with those transactions to principal. (b) If a trustee grants an option to buy property from the trust, whether or not the trust owns the property when […]
Sec. 13.38.390. Permissible conversion where otherwise prohibited.
(a) If AS 13.38.380(a)(3), (4), or (6) applies to a trustee and there is more than one trustee, a co-trustee to whom the provision does not apply may convert the trust, unless the exercise of the power by the remaining trustee is prohibited by the governing instrument. (b) If AS 13.38.380(a)(3), (4), or (6) applies […]
Sec. 13.38.400. Reconversion from a unitrust.
A trustee may reconvert a trust that has been converted into a unitrust under AS 13.38.300 by following the same procedures provided in AS 13.38.300 – 13.38.435 for converting a trust into a unitrust. If a unitrust is reconverted under this section, the trustee’s power to adjust under AS 13.38.210 applies to the trustee after […]
Sec. 13.38.410. Release of power to convert to unitrust.
(a) A trustee may release the power conferred by AS 13.38.300 to convert to a unitrust if the trustee (1) is uncertain about whether possessing or exercising the power will cause a result described in AS 13.38.380(a)(3), (4), or (5); or (2) determines that possessing or exercising the power will or may deprive the trust […]
Sec. 13.38.420. Express total return unitrusts.
(a) This section applies to a trust that, by its governing instrument, requires the distribution, at least annually, of a unitrust amount. (b) The trustee of an express total return unitrust may determine the unitrust amount by reference to the net fair market value of the unitrust’s assets in one or more years. (c) Distribution […]
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.