Tennessee Code 35-50-112 – Impairment of marital deduction prohibited
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Tennessee Code 35-50-112
- Code: includes the Tennessee Code and all amendments and revisions to the code and all additions and supplements to the code. See Tennessee Code 1-3-105
- Fiduciary: A trustee, executor, or administrator.
- 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.
- Testator: A male person who leaves a will at death.
- Trustee: A person or institution holding and administering property in trust.
No executor, trustee or other fiduciary may take, or refuse to take, any action, or make or retain any investment, the result of which would defeat an otherwise available marital deduction under the Internal Revenue Code (26 U.S.C.), or under the laws of this state, if the obvious and expressed intent of the testator or settlor was to take advantage of this deduction. After May 23, 1977, this section applies to all acts or investments, by all executors, trustees or other fiduciaries, as to all wills and trusts, whenever these instruments were executed or created.