58-820.Marital deduction gifts; effect and construction.(a) As used in this section:
(1) "Marital deduction" means the federal estate tax deduction allowed fortransfers under section 2056 of the federal internal revenue code or thefederal gift tax deduction allowed for transfers under section 2523 of thefederal internal revenue code; and
(2) "marital deduction gift" means a transfer of property that is intendedto qualify for the marital deduction.
(b) If an instrument contains a marital deduction gift:
(1) The provisions of the instrument, including any power, duty, ordiscretionary authority given to a fiduciary, shall be construed to comply withthe marital deduction provisions of the federal internal revenue code;
(2) the fiduciary shall not take any action or have any power that impairsthe deduction as applied to the marital deduction gift;
(3) the marital deduction gift may be satisfied only with property thatqualifies for the marital deduction; and
(4) with respect to marital deduction gifts which are under the terms of theinstrument, whether determined by a formula or a fixed dollar amount, in apecuniary amount that is to be satisfied by distribution of assets at theirvalues, as finally determined for federal estate tax purposes and theinstrument does not otherwise require that such bequest at time of fundingeither be of an aggregate fair market value at least equal to such pecuniaryamount or that the assets distributed in satisfaction of such bequest be fairlyrepresentative of appreciation or depreciation, as the case may be, of allassets available to satisfy such bequest, then such fiduciary shall be requiredto distribute assets in satisfaction of such marital deduction gift which arefairly representative of the depreciation or appreciation, as the case may be,of all assets available to satisfy such bequest.
(c) The provisions of this section shall have no effect on theadministration or interpretation of marital deduction gifts made prior to theireffective date.
58-820.Marital deduction gifts; effect and construction.(a) As used in this section:
(1) "Marital deduction" means the federal estate tax deduction allowed fortransfers under section 2056 of the federal internal revenue code or thefederal gift tax deduction allowed for transfers under section 2523 of thefederal internal revenue code; and
(2) "marital deduction gift" means a transfer of property that is intendedto qualify for the marital deduction.
(b) If an instrument contains a marital deduction gift:
(1) The provisions of the instrument, including any power, duty, ordiscretionary authority given to a fiduciary, shall be construed to comply withthe marital deduction provisions of the federal internal revenue code;
(2) the fiduciary shall not take any action or have any power that impairsthe deduction as applied to the marital deduction gift;
(3) the marital deduction gift may be satisfied only with property thatqualifies for the marital deduction; and
(4) with respect to marital deduction gifts which are under the terms of theinstrument, whether determined by a formula or a fixed dollar amount, in apecuniary amount that is to be satisfied by distribution of assets at theirvalues, as finally determined for federal estate tax purposes and theinstrument does not otherwise require that such bequest at time of fundingeither be of an aggregate fair market value at least equal to such pecuniaryamount or that the assets distributed in satisfaction of such bequest be fairlyrepresentative of appreciation or depreciation, as the case may be, of allassets available to satisfy such bequest, then such fiduciary shall be requiredto distribute assets in satisfaction of such marital deduction gift which arefairly representative of the depreciation or appreciation, as the case may be,of all assets available to satisfy such bequest.
(c) The provisions of this section shall have no effect on theadministration or interpretation of marital deduction gifts made prior to theireffective date.
58-820.Marital deduction gifts; effect and construction.(a) As used in this section:
(1) "Marital deduction" means the federal estate tax deduction allowed fortransfers under section 2056 of the federal internal revenue code or thefederal gift tax deduction allowed for transfers under section 2523 of thefederal internal revenue code; and
(2) "marital deduction gift" means a transfer of property that is intendedto qualify for the marital deduction.
(b) If an instrument contains a marital deduction gift:
(1) The provisions of the instrument, including any power, duty, ordiscretionary authority given to a fiduciary, shall be construed to comply withthe marital deduction provisions of the federal internal revenue code;
(2) the fiduciary shall not take any action or have any power that impairsthe deduction as applied to the marital deduction gift;
(3) the marital deduction gift may be satisfied only with property thatqualifies for the marital deduction; and
(4) with respect to marital deduction gifts which are under the terms of theinstrument, whether determined by a formula or a fixed dollar amount, in apecuniary amount that is to be satisfied by distribution of assets at theirvalues, as finally determined for federal estate tax purposes and theinstrument does not otherwise require that such bequest at time of fundingeither be of an aggregate fair market value at least equal to such pecuniaryamount or that the assets distributed in satisfaction of such bequest be fairlyrepresentative of appreciation or depreciation, as the case may be, of allassets available to satisfy such bequest, then such fiduciary shall be requiredto distribute assets in satisfaction of such marital deduction gift which arefairly representative of the depreciation or appreciation, as the case may be,of all assets available to satisfy such bequest.
(c) The provisions of this section shall have no effect on theadministration or interpretation of marital deduction gifts made prior to theireffective date.
