Section 68-1206 – REFERENCES TO INTERNAL REVENUE CODE OF 1986.
68-1206. REFERENCES TO INTERNAL REVENUE CODE OF 1986. All references to sections of the Internal Revenue Code of 1986 shall refer to that term as it is now and hereafter defined in section 63-3004, Idaho Code. History: [68-1206, added 1974, ch. 73, sec. 6, p. 1154; am. 1994, ch. 190, sec. 6, p. 619.]
Section 68-1207 – TRUST INSTRUMENTS OR PRIVATE FOUNDATION ARTICLES MAY PROVIDE THAT THIS LAW WILL NOT APPLY.
68-1207. TRUST INSTRUMENTS OR PRIVATE FOUNDATION ARTICLES MAY PROVIDE THAT THIS LAW WILL NOT APPLY. Nothing in this act shall limit the power of a person who creates a trust or the power of a person who has retained or has been granted the right to amend a trust to include a specific provision in […]
Section 68-1301 – DEFINITIONS.
68-1301. DEFINITIONS. As used in this chapter: (1) "Adult" means an individual who is at least eighteen (18) years of age. (2) "Beneficiary" means an individual for whom property has been transferred to or held under a declaration of trust by a custodial trustee for the individual’s use and benefit under this chapter. (3) "Conservator" […]
Section 68-1302 – CUSTODIAL TRUST — GENERAL.
68-1302. CUSTODIAL TRUST — GENERAL. (1) A person may create a custodial trust of property by a written transfer of the property to another person, evidenced by registration or by other instrument of transfer, executed in any lawful manner, naming as beneficiary, an individual who may be the transferor, in which the transferee is designated, […]
Section 68-1303 – CUSTODIAL TRUSTEE FOR FUTURE PAYMENT OR TRANSFER.
68-1303. CUSTODIAL TRUSTEE FOR FUTURE PAYMENT OR TRANSFER. (1) A person having the right to designate the recipient of property payable or transferable upon a future event may create a custodial trust upon the occurrence of the future event by designating in writing the recipient, followed in substance by: "as custodial trustee for (name of […]
Section 68-1304 – FORM AND EFFECT OF RECEIPT AND ACCEPTANCE BY CUSTODIAL TRUSTEE — JURISDICTION.
68-1304. FORM AND EFFECT OF RECEIPT AND ACCEPTANCE BY CUSTODIAL TRUSTEE — JURISDICTION. (1) Obligations of a custodial trustee, including the obligation to follow directions of the beneficiary, arise under this chapter upon the custodial trustee’s acceptance, express or implied, of the custodial trust property. (2) The custodial trustee’s acceptance may be evidenced by a […]
Section 68-1305 – TRANSFER TO CUSTODIAL TRUSTEE BY FIDUCIARY OR OBLIGOR — FACILITY OF PAYMENT.
68-1305. TRANSFER TO CUSTODIAL TRUSTEE BY FIDUCIARY OR OBLIGOR — FACILITY OF PAYMENT. (1) Unless otherwise directed by an instrument designating a custodial trustee pursuant to section 68-1303, Idaho Code, a person including a fiduciary other than a custodial trustee, who holds property of or owes a debt to an incapacitated individual not having a […]
Section 68-10-602 – SEVERABILITY CLAUSE.
68-10-602. SEVERABILITY CLAUSE. If any provision of this chapter or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this chapter which can be given effect without the invalid provision or application, and to this end the provisions of this chapter are severable. History: […]
Section 68-1306 – MULTIPLE BENEFICIARIES — SEPARATE CUSTODIAL TRUSTS — SURVIVORSHIP.
68-1306. MULTIPLE BENEFICIARIES — SEPARATE CUSTODIAL TRUSTS — SURVIVORSHIP. (1) Beneficial interests in a custodial trust created for multiple beneficiaries are deemed to be separate custodial trusts of equal undivided interests for each beneficiary. Except in a transfer or declaration for use and benefit of husband and wife, for whom survivorship is presumed, a right […]
Section 68-10-603 – [RESERVED.]
68-10-603. [RESERVED.] History: [68-10-603, added 2001, ch. 261, sec. 2, p. 961.]