Utah Code 75-3-917. Certain formula clauses to be construed to refer to federal estate and generation-skipping transfer tax rules applicable to estates of decedents dying after December 31, 2009
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(1) A will or trust of a decedent who dies after December 31, 2009 and before January 1, 2011, that contains a formula referring to the “unified credit,” “estate tax exemption,” “applicable exemption amount,” “generation-skipping transfer tax exemption” or “GST exemption,” or that measures a share of an estate or trust based on the amount that can pass free of federal estate or generation-skipping transfer taxes, or that is otherwise based on a similar provision of federal estate tax or generation-skipping transfer tax law, shall be considered to refer to the federal estate and generation-skipping transfer tax laws as they applied with respect to estates of decedents dying on December 31, 2009.
Terms Used In Utah Code 75-3-917
- 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
- Decedent: A deceased person.
- Estate: includes the property of the decedent, trust, or other person whose affairs are subject to this title as originally constituted and as it exists from time to time during administration. See Utah Code 75-1-201 v2
- Grantor: The person who establishes a trust and places property into it.
- Personal representative: includes executor, administrator, successor personal representative, special administrator, and persons who perform substantially the same function under the law governing their status. See Utah Code 75-1-201 v2
- Proceeding: includes action at law and suit in equity. See Utah Code 75-1-201 v2
- Trust: includes :(60)(a)(i) a health savings account, as defined in Section 223of the Internal Revenue Code;(60)(a)(ii) an express trust, private or charitable, with additions thereto, wherever and however created; or(60)(a)(iii) a trust created or determined by judgment or decree under which the trust is to be administered in the manner of an express trust. See Utah Code 75-1-201 v2(1)(a) This provision may not apply with respect to a will or trust executed or amended after December 31, 2009, or that manifests an intent that a contrary rule shall apply if the decedent dies on a date on which there is no then-applicable federal estate or generation-skipping transfer tax.(1)(b) The reference to January 1, 2011 in Subsection
(1) shall, if the federal estate and generation-skipping transfer tax becomes effective before that date, refer instead to the first date on which the tax becomes legally effective.
(2) A proceeding to determine whether the decedent intended that the references under Subsection (1) be construed with respect to the law as it existed after December 31, 2009, shall be filed within 12 months of the date of death of the testator or grantor. It may be filed by the personal representative or any affected beneficiary under the will or other instrument.