Louisiana Revised Statutes 9:2161 – Adjustment beyond percentage limit
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Terms Used In Louisiana Revised Statutes 9:2161
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Trustee: A person or institution holding and administering property in trust.
A. A court order shall be required in order for the trustee to make an adjustment from principal to income under La. Rev. Stat. 9:2158 if the amount of the adjustment from principal, when added to the amount of the net income of the trust for the year, exceeds five percent of the net fair market value of the assets of the trust at the beginning of the year.
B. A court order shall be required in order for the trustee to make an adjustment from income to principal under La. Rev. Stat. 9:2158 if the amount of the adjustment from income reduces the net income for the year below five percent of the net fair market value of the assets of the trust at the beginning of the year.
Acts 2001, No. 520, §4.