Terms Used In Indiana Code > Title 30 > Article 2 > Chapter 15 - Total Return Unitrusts

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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}
• current valuation year: means the year of the trust for which the unitrust amount is being determined. See Indiana Code 30-2-15-1
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
• income trust: means :

  Indiana Code 30-2-15-2

• Inter vivos: Transfer of property from one living person to another living person.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• 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.
• net fair market value: means the fair market value of each asset comprising the trust reduced by the liens, debts, and encumbrances of the trust, regardless of whether the liens, debts, and encumbrances are allocable to a specific asset. See Indiana Code 30-2-15-3
• Personal property: All property that is not real property.
• Personal property: includes goods, chattels, evidences of debt, and things in action. See Indiana Code 1-1-4-5
• Property: includes personal and real property. See Indiana Code 1-1-4-5
• Testator: A male person who leaves a will at death.
• total return unitrust: means an income trust that has been converted to a total return unitrust in accordance with this chapter. See Indiana Code 30-2-15-4
• Trustee: A person or institution holding and administering property in trust.
• trustee: refers to the:

  Indiana Code 30-2-15-5

• unitrust amount: means an amount computed as a percentage of the fair market value of the trust as set forth in this chapter. See Indiana Code 30-2-15-6
• unitrust rate: means the percentage of the fair market value of the trust that is determined under section 15 of this chapter and used to calculate the unitrust amount. See Indiana Code 30-2-15-7
• year: means a calendar year. See Indiana Code 30-2-15-8