Kansas Statutes 58-9a,413. Marital deduction property not productive of income
Current as of: 2023 | Check for updates
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Terms Used In Kansas Statutes 58-9a,413
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- 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.
- Property: includes personal and real property. See Kansas Statutes 77-201
- Trustee: A person or institution holding and administering property in trust.
(a) If a trust received property for which a gift or estate tax marital deduction was allowed and the settlor’s spouse holds a mandatory income interest in the trust, the spouse may require the trustee, to the extent the trust assets otherwise do not provide the spouse with sufficient income from or use of the trust assets to qualify for the deduction, to:
(1) Make property productive of income;
(2) convert property to property productive of income within a reasonable time; or
(3) exercise the power to adjust under Kan. Stat. Ann. 2023 Supp. 58-9a-203, and amendments thereto.
(b) The trustee may decide which action or combination of actions in subsection (a) to take.