Alaska § 13.38.380 - Prohibited conversions; exception.
Full text of Alaska Alaska Statutes § 13.38.380 — Prohibited conversions; exception., with citation guidance and answers to common questions.
§ 13.38.380. Prohibited conversions; exception.
(a) A trustee may not convert a trust into a unitrust if (1) payment of the unitrust distribution would change the amount payable to a beneficiary as a fixed annuity or a fixed fraction of the value of the trust assets;
(2) the unitrust distribution would be made from an amount that is permanently set aside for charitable purposes under the governing instrument and for which a federal estate or gift tax deduction has been taken;
(3) possessing or exercising the power to convert would cause an individual to be treated as the owner of all or part of the trust for federal income tax purposes, and the individual would not be treated as the owner if the trustee did not possess the power to convert;
(4) possessing or exercising the power to convert would cause all or part of the trust assets to be subject to federal estate or gift tax with respect to an individual, and the assets would not be subject to federal estate or gift tax with respect to the individual if the trustee did not possess the power to convert;
(5) the conversion would result in the disallowance of a federal estate tax or gift tax marital deduction that would be allowed if the trustee did not have the power to convert; or
(6) the trustee is a beneficiary of the trust.
(b) Notwithstanding (a)(2) of this section, a trustee may elect to convert a trust to a unitrust if both the income and principal of the trust being converted to a unitrust are permanently set aside for charitable purposes and if the provisions of AS 13.38.440 — 13.38.490 are followed.
Frequently Asked Questions About Alaska § 13.38.380
What does Alaska Statutes § 13.38.380 cover?
Section 13.38.380 ("Prohibited conversions; exception.") is part of the Alaska Statutes, the codified statutory law of Alaska. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alaska § 13.38.380?
A common citation format is "Alaska Statutes § 13.38.380" (Alaska). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alaska law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alaska official source linked on this page or consult a licensed Alaska attorney.
How does Alaska § 13.38.380 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alaska can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alaska.