30-2-15-6. “Unitrust Amount”
Sec. 6. As used in this chapter, “unitrust amount” means an amount computed as a percentage of the fair market value of the trust as set forth in this chapter. As added by P.L.3-2003, SEC.2.
30-2-15-21. Adjusting Net Fair Market Values of Assets
Sec. 21. For purposes of section 16 of this chapter, the net fair market values of the assets held in trust on the first business day of a proper valuation year shall be adjusted to reflect any: (1) reduction, in the case of a distribution or payment; or (2) increase, in the case of a […]
30-2-15-7. “Unitrust Rate”
Sec. 7. As used in this chapter, “unitrust rate” means the percentage of the fair market value of the trust that is determined under section 15 of this chapter and used to calculate the unitrust amount. As added by P.L.3-2003, SEC.2.
30-2-15-22. Prorating Unitrust Amount in Short Year
Sec. 22. (a) As used in this section, “short year” refers to a part of a calendar year that: (1) begins when the interest of the current beneficiary or class of current beneficiaries begins; or (2) ends when the interest of the current beneficiary or class of beneficiaries ends. (b) The trustee shall prorate the […]
30-2-15-8. “Year”
Sec. 8. As used in this chapter, “year” means a calendar year. As added by P.L.3-2003, SEC.2.
30-2-15-23. Unitrust Amount’s Satisfying Tax Law Requirement of Preserving Tax Benefit
Sec. 23. (a) This section applies to the following trusts: (1) A trust for which a marital deduction has been taken for federal tax purposes during the lifetime of the spouse for whom the trust was created under Section 2056 or 2523 of the Internal Revenue Code. (2) A trust to which the generation-skipping transfer […]
30-2-15-9. Trustee’s Power to Convert Trust, Reconvert Trust, and Change Unitrust Rate
Sec. 9. A trustee may: (1) release the trustee’s power to adjust between trust principal and income under IC 30-2-14-15 and convert an income trust to a total return unitrust; (2) reconvert a total return unitrust to an income trust; or (3) change the unitrust rate; if the requirements of this chapter are met. As […]
30-2-15-24. Construing the Governing Instrument
Sec. 24. After the income trust is converted to a total return unitrust under this chapter, both of the following apply: (1) The term “income” in the governing instrument means the unitrust amount plus any income from the trust assets excluded from the determination of net fair market value under sections 18 and 19 of […]
30-2-15-10. Acting Without Court Approval
Sec. 10. (a) Unless expressly prohibited in the governing trust instrument, and if the trustee would not be prohibited from exercising the power to adjust under IC 30-2-14-15(a) because at least one (1) of the provisions of IC 30-2-14-15(c)(3) through IC 30-2-14-15(c)(7) would be applicable, a trustee may, without the approval of the court having […]
30-2-15-11. Petition by Trustee
Sec. 11. If a trustee: (1) receives an objection under section 10 of this chapter; (2) elects not to proceed under section 10 of this chapter; or (3) is not able to proceed under section 10 of this chapter because the trustee does not have the power to adjust under IC 30-2-14-15(c)(5), IC 30-2-14-15(c)(6), or […]