22-3-309.  Special tax benefits — Other rules.

(1)  A unitrust policy may:

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Terms Used In Utah Code 22-3-309

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Fiduciary: A trustee, executor, or administrator.
  • Person: means :Utah Code 68-3-12.5
(a)  provide methods and standards for:

(i)  determining the timing of distributions;

(ii)  making distributions in cash or in kind or partly in cash and partly in kind; or

(iii)  correcting an underpayment or overpayment to a beneficiary based on the unitrust amount if there is an error in calculating the unitrust amount;

(b)  specify sources and the order of sources, including categories of income for federal income tax purposes, from which distributions of a unitrust amount are paid; or

(c)  provide other standards and rules the fiduciary determines serve the interests of the beneficiaries.

(2)  If a trust qualifies for a special tax benefit or a fiduciary is not an independent person:

(a)  the unitrust rate established under Section 22-3-306 may not be less than 3% or more than 5%;

(b)  the only provisions of Section 22-3-307 that apply are Subsections 22-3-307(1) and (2)(a), (d), (e)(i), and (i);

(c)  the only period that may be used under Section 22-3-308 is a calendar year under Subsection 22-3-308(1); and

(d)  the only other provisions of Section 22-3-308 that apply are Subsection 22-3-308(2)(b)(i) and (c).

Amended by Chapter 348, 2020 General Session

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