30-2-15-1. “Current Valuation Year”
Sec. 1. As used in this chapter, “current valuation year” means the year of the trust for which the unitrust amount is being determined. As added by P.L.3-2003, SEC.2.
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 […]
30-2-15-12. Petition by Trust Beneficiary
Sec. 12. A trust beneficiary described in IC 30-2-14-16(b) may petition the court having jurisdiction of the trust to order the trustee to take an action described in section 9 of this chapter, if the action would not alter any amount in the trust that is permanently set aside for charitable purposes unless both income […]
30-2-15-13. When Court Shall Approve Conversion, Reconversion, or Change in Rate
Sec. 13. If the court finds that the conversion, reconversion, or change in the unitrust rate under this chapter will enable the trustee to better carry out: (1) in the case of a trust described in section 2(1) of this chapter, the intent of the settlor or testator and the purposes of the trust; or […]
30-2-15-14. Reconversion’s Release of Power to Adjust Void
Sec. 14. This section applies if a total return unitrust is reconverted to an income trust. The trustee’s release of the trustee’s power under IC 30-2-14-15, if it was given at the time the trust was converted to a total return unitrust, is void when the trust is reconverted. As added by P.L.3-2003, SEC.2.
30-2-15-15. Conversion to Unitrust; Unitrust Rate
Sec. 15. (a) This section applies to a trust described in section 2(1) of this chapter. (b) When a trustee gives notice of a proposed action under section 10(a)(1)(A) of this chapter to convert a trust to a unitrust, the trustee must include the unitrust rate in the notice of proposed action. (c) If: (1) […]
30-2-15-15.2. Unitrust Rate for a Cemetery Perpetual Care Fund
Sec. 15.2. (a) This section applies to a trust described in section 2(2) of this chapter. (b) A trust may have a unitrust rate that represents a reasonable current return from the trust and best serves the purpose of the perpetual care (as defined in IC 23-14-33-30) of the cemetery, but that is not less […]
30-2-15-16. Unitrust Amount; Initial Two Years of Trust
Sec. 16. For the first two (2) years of the trust or the first two (2) years after the conversion to a total return unitrust under this chapter, the unitrust amount for a current valuation year of the trust must be the product of the unitrust rate multiplied by the net fair market values of […]
30-2-15-17. Unitrust Amount; Successive Years
Sec. 17. Beginning with the third year of the trust, and each year after that year, the unitrust amount for a current valuation year of the trust is the product of the unitrust rate multiplied by the average of the net fair market values of the assets held in the trust on the first business […]
30-2-15-18. Net Fair Market Value of Unitrust Assets
Sec. 18. In determining the net fair market value of each asset held in the trust under sections 16 and 17 of this chapter, the value of the following may not be included: (1) Any residential property or tangible personal property that, as of the first business day of the current valuation year, at least […]
30-2-15-19. Trustee Powers
Sec. 19. (a) The trustee may exclude any assets for which the fair market value is not readily determinable from the determination of net fair market value of trust assets. However, the terms of the trust continue to apply to these assets. (b) The trustee may determine any other matter necessary for the proper functioning […]
30-2-15-2. “Income Trust”
Sec. 2. As used in this chapter, “income trust” means: (1) a trust created by an inter vivos or a testamentary instrument that has terms that describe the amount that may or must be distributed to a beneficiary by referring to the trust’s income; or (2) a cemetery perpetual care fund established under IC 23-14-48-2. […]
30-2-15-20. Prohibited Reduction in Unitrust Amount
Sec. 20. The unitrust amount may not be reduced for expenses that would be deducted from income if the trust were not a total return unitrust. 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 […]
30-2-15-22. 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 […]
30-2-15-23. 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 […]
30-2-15-24. 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 […]
30-2-15-25. Paying the Unitrust Amount
Sec. 25. (a) Except as provided in subsection (b), and unless otherwise provided by the governing instrument, the unitrust amount shall be considered to have been paid from net income. The net income of the trust shall be determined as if the trust were not a unitrust. (b) To the extent that: (1) net income […]
30-2-15-26. Immunity of Trustee
Sec. 26. (a) A trustee who in good faith acts or fails to act under section 9 of this chapter is not liable to any person affected by the action or inaction, regardless of whether the person: (1) received written notice as provided in section 10 of this chapter; and (2) was under legal disability […]