Louisiana Revised Statutes 9:2164 – If 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
Terms Used In Louisiana Revised Statutes 9:2164
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Trustee: A person or institution holding and administering property in trust.
If 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 if the amounts that the trustee transfers from principal to income under La. Rev. Stat. 9:2158 and distributes to the spouse from principal pursuant to the terms of the trust are insufficient to provide the spouse an interest required to obtain the marital deduction, the spouse may require the trustee to make property productive of income, convert property within a reasonable time, or exercise the power conferred by La. Rev. Stat. 9:2158. The trustee may decide which action or combination of actions to take.
Acts 2020, No. 17, §1, eff. Jan. 1, 2021.