New Hampshire Revised Statutes 564-C:4-407A – Charitable Remainder Unitrusts
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(a) In the case of a charitable remainder unitrust within the meaning of section 664(d)(2) of the Internal Revenue Code, in which the trust instrument contains an income exception described in section 664(d)(3) of the Internal Revenue Code, the trustee shall allocate receipts from each of the following assets in accordance with subsection (b), notwithstanding any other provision of this chapter:
(1) an entity within the meaning of N.H. Rev. Stat. § 564-C:4-401(a);
(2) an obligation to pay money to the trustee, including an obligation whose purchase price or value when it is acquired is less than its value at maturity;
(3) a life insurance policy, unless the insured has died;
(4) a private or commercial annuity, unless the payments within the meaning of N.H. Rev. Stat. § 564-C:4-409(a), have commenced;
(5) a derivative within the meaning of N.H. Rev. Stat. § 564-C:4-414(a), except to the extent that the trustee accounts under N.H. Rev. Stat. § 564-C:4-403 for a transaction in that derivative; or
(6) an asset-backed security within the meaning of N.H. Rev. Stat. § 564-C:4-415(a).
(b) A trustee shall allocate to income the amount in excess of the asset’s purchase price or the asset’s value when it was acquired. A trustee shall allocate to principal the balance of the money or other property received.
(c) This section shall apply to any charitable remainder unitrust created before, on, or after the effective date of this section.
(1) an entity within the meaning of N.H. Rev. Stat. § 564-C:4-401(a);
Terms Used In New Hampshire Revised Statutes 564-C:4-407A
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- following: when used by way of reference to any section of these laws, shall mean the section next preceding or following that in which such reference is made, unless some other is expressly designated. See New Hampshire Revised Statutes 21:13
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Trustee: A person or institution holding and administering property in trust.
(2) an obligation to pay money to the trustee, including an obligation whose purchase price or value when it is acquired is less than its value at maturity;
(3) a life insurance policy, unless the insured has died;
(4) a private or commercial annuity, unless the payments within the meaning of N.H. Rev. Stat. § 564-C:4-409(a), have commenced;
(5) a derivative within the meaning of N.H. Rev. Stat. § 564-C:4-414(a), except to the extent that the trustee accounts under N.H. Rev. Stat. § 564-C:4-403 for a transaction in that derivative; or
(6) an asset-backed security within the meaning of N.H. Rev. Stat. § 564-C:4-415(a).
(b) A trustee shall allocate to income the amount in excess of the asset’s purchase price or the asset’s value when it was acquired. A trustee shall allocate to principal the balance of the money or other property received.
(c) This section shall apply to any charitable remainder unitrust created before, on, or after the effective date of this section.