30-4-10-6. “Beneficiary With Disability”
Sec. 6. As used in this chapter, “beneficiary with disability” means a beneficiary who is determined, in the exercise of an authorized fiduciary’s discretion, to have one (1) of the following conditions: (1) Dementia, memory loss, Parkinson’s disease, or other progressive condition that, currently or in the future, may impair the ability of the beneficiary […]
30-4-9-8. Duties and Liabilities of a Trust Director
Sec. 8. (a) Subject to subsection (b), with respect to a power of direction or further power under section 6(b)(1) of this chapter: (1) a trust director has the same fiduciary duty and liability in the exercise or nonexercise of the power: (A) if the power is held individually, as a sole trustee in a […]
30-4-10-7. “Charitable Interest”
Sec. 7. As used in this chapter, “charitable interest” means an interest in a trust that: (1) is held by an identified charitable organization and makes the organization a qualified beneficiary; (2) benefits only a charitable organization and, if the interest were held by an identified charitable organization, would make the organization a qualified beneficiary; […]
30-4-8-9. Creditor’s Claims
Sec. 9. (a) If a creditor’s claim is allowed under section 8 of this chapter, the transferor’s qualified disposition to a legacy trust is subject to the claim only to the extent necessary to satisfy the transferor’s debt to the creditor making the allowed claim. (b) In the event the trustee participates in litigation brought […]
30-4-8-10. Spendthrift Provisions
Sec. 10. A spendthrift provision described in section 4(4) of this chapter is considered a restriction on the transfer of the transferor’s beneficial interest in the trust that is enforceable under applicable nonbankruptcy law within the meaning of Section 541(c)(2) of the federal Bankruptcy Code (11 U.S.C. 541(c)(2)) or any successor provision of the federal […]
30-4-8-11. Transferor’s Rights and Authority
Sec. 11. Except as permitted by the terms of a legacy trust and by sections 12 and 13 of this chapter, the transferor may not have any rights or authority with respect to the principal or income of the legacy trust. An agreement or understanding purporting to grant or permit the retention of any greater […]
30-4-8-12. Transferor’s Service as an Investment Advisor
Sec. 12. A transferor who makes a qualified disposition may also serve as an investment adviser to the trust. However, the transferor may not serve as a trust director to a legacy trust except with respect to the retention of a veto right permitted by section 13(a)(1) of this chapter. As added by P.L.221-2019, SEC.9.
30-4-8-13. Revocability
Sec. 13. (a) A legacy trust is not considered revocable because of the inclusion of one (1) or more of the following: (1) A transferor’s power to veto a distribution from the trust. (2) A power of appointment (other than the power to appoint to the transferor, the transferor’s creditors, the transferor’s estate, or the […]
30-4-8-14. Appointment of Trust Directors
Sec. 14. (a) A transferor may appoint one (1) or more trust directors who may have authority under the terms of the trust: (1) to remove and appoint qualified trustees or trust directors; and (2) to direct, consent to, or disapprove distributions from the trust. (b) Trust directors are not required to satisfy the requirements […]
30-4-8-15. Resignation of Qualified Trustee; Appointing Successor Trustees
Sec. 15. If: (1) a qualified trustee of a legacy trust ceases to meet the requirements of section 6 of this chapter; and (2) there remains no trustee of the legacy trust that meets the requirements of section 6 of this chapter; the qualified trustee described in subdivision (1) is considered to have resigned when […]