§ 36C-4C-2 – Establishing validity of a revocable trust before death.
36C-4C-2. Establishing validity of a revocable trust before death. (a) During the settlor’s lifetime, any settlor of a revocable trust who is a resident of North Carolina may commence a judicial proceeding seeking a judicial declaration that the trust is valid. (b) The petition shall be filed with the Superior Court Division of the General […]
§ 36C-4-419 – Effect of inalienable interest on modification or termination.
36C-4-419. Effect of inalienable interest on modification or termination. The court, in exercising its discretion to modify or terminate an irrevocable trust under G.S. 36C-4-411, 36C-4-412, or 36C-4-414 shall consider provisions making the interest of a beneficiary inalienable, including those described in Article 5, but the court is not precluded from the exercise of that […]
§ 36C-4A-1 – Prohibited transactions.
36C-4A-1. Prohibited transactions. (a) Notwithstanding any provisions in the laws of this State or in the governing instrument to the contrary unless otherwise decreed by a court of competent jurisdiction except as provided in subsection (b) of this section, the trust instrument of each trust that is a private foundation described in section 509 of […]
§ 36C-4A-2 – Reformation of charitable remainder trust.
36C-4A-2. Reformation of charitable remainder trust. If a federal estate tax deduction is not allowable at the time of a decedent’s death because of the failure of an interest in property that passes from the decedent under a will or trust to a person, or for a use, described in section 2055(a) of the Internal […]
§ 36C-4B-1 – Short title.
36C-4B-1. Short title. This Article shall be known as the Charitable Remainder Administration Trust Act. (1981 (Reg. Sess., 1982), c. 1252, s. 1; 2005-192, s. 2.)
§ 36C-4B-2 – General rule.
36C-4B-2. General rule. Notwithstanding any provisions in the laws of this State or in the governing instruments to the contrary, any charitable remainder annuity trust and any charitable remainder unitrust that cannot qualify for a deduction for federal tax purposes under section 2055 or section 2522 of the Internal Revenue Code in the absence of […]
§ 36C-4B-3 – Definitions.
36C-4B-3. Definitions. The following definitions apply to this Article unless the context clearly requires otherwise: (1) "Charitable remainder trust" means a trust that provides for a specified distribution at least annually for either life or a term of years to one or more beneficiaries, at least one of which is not a charity (hereinafter referred […]
§ 36C-4B-4 – Administrative provisions applicable to both charitable remainder annuity trusts and charitable remainder unitrusts.
36C-4B-4. Administrative provisions applicable to both charitable remainder annuity trusts and charitable remainder unitrusts. (a) Creation of Remainder Interests in Charity. – Upon the termination of the noncharitable interests, the trustee shall distribute all of the then principal and income of the trust, other than any amount due the noncharitable beneficiary or beneficiaries, to the […]
§ 36C-4B-5 – Administrative provisions applicable to charitable remainder trusts only.
36C-4B-5. Administrative provisions applicable to charitable remainder trusts only. (a) Creation of Annuity Amount for Period of Years or Life. – In each taxable year of the trust, the trustee shall pay the annuity amount designated in the trust instrument to the beneficiaries named in the trust instrument during their lives or, if the governing […]
§ 36C-4B-6 – Administrative provisions applicable to charitable remainder unitrusts only.
36C-4B-6. Administrative provisions applicable to charitable remainder unitrusts only. (a) Creation of Unitrust Amount for a Period of Years or Life. – The trustee shall pay to the beneficiaries named in the trust investment in each taxable year of the trust during their lives or, if the governing instrument so provides, for a period not […]