Indiana Code 30-2-14-35. Marital deduction for trust assets
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Sec. 35. (a) If:
(2) the amounts that the trustee transfers from principal to income under section 15 of this chapter and distributes to the spouse from principal under the terms of the trust are insufficient to provide the spouse with the beneficial enjoyment required to obtain the marital deduction;
(1) a marital deduction is allowed for all or part of a trust whose assets consist substantially of property that does not provide the spouse with sufficient income from or use of the trust assets; and
Terms Used In Indiana Code 30-2-14-35
- accounting period: means a calendar year unless another twelve (12) month period is selected by a fiduciary. See Indiana Code 30-2-14-1
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- income: means money or property that a fiduciary receives as current return from a principal asset. See Indiana Code 30-2-14-4
- Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
- principal: means property that is held in trust for distribution to a remainder beneficiary when the trust terminates or that will remain perpetually vested in the trustee. See Indiana Code 30-2-14-10
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- trustee: includes an original, additional, or successor trustee, whether or not appointed or confirmed by a court. See Indiana Code 30-2-14-13
- Trustee: A person or institution holding and administering property in trust.
the spouse may require the trustee to make property productive of income, convert property within a reasonable time, or exercise the power conferred by section 15(a) of this chapter. The trustee may decide which action or combination of actions to take.
(b) In cases not governed by subsection (a), proceeds from the sale or other disposition of an asset are principal without regard to the amount of income the asset produces during any accounting period.
As added by P.L.84-2002, SEC.2.