Utah Code 75-7-817. Marital deduction formulas — Trusts
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(1) For estates of decedents dying after December 31, 1981, where a decedent‘s trust executed before September 13, 1981, contains a formula expressly providing that the decedent’s spouse is to receive the maximum amount of property qualifying for the marital deduction allowable by federal law, this formula shall be construed as referring to the unlimited marital deduction allowable by federal law as amended by Section 403(a) of the Economic Recovery Tax Act of 1981.
Terms Used In Utah Code 75-7-817
- Decedent: A deceased person.
- 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.
- Property: includes both real and personal property or any interest therein and means anything that may be the subject of ownership. 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
- Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.
(2) The intention of a trustor as expressed in the trust shall control the legal effect of any dispositions made by it for purposes of construing Subsection(1) , and the rule of construction of Subsection(1) shall apply unless a contrary intention is indicated by the trust.