NRS 164.798
Administration of unitrust: Powers of trustee

  • manner of distributions.

1.

A trustee of a unitrust may, in the trustee’s discretion, determine:

(a)

The effective date of a conversion to a unitrust;

(b)

The provisions for prorating a unitrust distribution for a beneficiary whose right to payments commences or ceases during a calendar year;

(c)

The frequency of unitrust distributions during a calendar year;

(d)

The effect of other payments from or contributions to the trust on the trust’s value;

(e)

How frequently to value nonliquid assets and whether to estimate the value of nonliquid assets;

(f)

Whether to omit from the calculations of the trust property occupied or possessed by a beneficiary; and

(g)

Any other matters necessary for the proper functioning of the unitrust.

2.

Expenses which would be deducted from income if the trust were not a unitrust may not be deducted from the unitrust distribution. Unless otherwise provided by the trust instrument, the unitrust distribution must be paid from income. To the extent income is insufficient to pay a distribution, the distribution must be paid from realized short-term capital gains. To the extent income and realized short-term capital gains are insufficient, the distribution must be paid from realized long-term capital gains. To the extent none of these funds are sufficient, the distribution must be paid from the principal of the trust.

Source: Section 164.798 — Administration of unitrust: Powers of trustee; manner of distributions., https://www.­leg.­state.­nv.­us/NRS/NRS-164.­html#NRS164Sec798.

164.780
Short title. 164.785
Definitions. 164.790
Allocation of receipt or disbursement to principal when terms of trust and provisions of NRS do not provide rule. 164.795
Adjustment between principal and income 164.796
Circumstances under which trustee authorized to convert trust into unitrust 164.797
Administration of unitrust: Duties of trustee 164.798
Administration of unitrust: Powers of trustee 164.799
Trustee or beneficiary authorized to petition court to take certain actions concerning unitrust. 164.800
Applicable rules after death of decedent or end of income interest in trust. 164.805
Distribution of net income to beneficiaries 164.810
Date on which income interest begins 164.815
Allocation of certain income receipts and disbursements 164.820
Payment of undistributed income upon end of mandatory income interest 164.825
Allocation of money received from entity to income 164.830
Allocation of amount received as distribution of income to income 164.835
Accounting separately for business or other activity. 164.840
Allocation of assets, money, property and other receipts to principal. 164.845
Allocation of receipts from rental property to income 164.850
Allocation of interest on obligation to pay money to trustee to income 164.855
Allocation of proceeds of life insurance policy and certain contracts to principal 164.860
Allocation of entire amount to principal if allocation between principal and income under certain circumstances is insubstantial. 164.865
Allocation of certain payments received because of services rendered or property transferred to payor in exchange for future payments to income or principal, or both 164.870
Allocation of receipts from liquidating assets to income and principal. 164.875
Allocation of receipts from interest in minerals to income or to income and principal 164.880
Allocation of net receipts from sale of timber and related products to income or principal, or both 164.885
Request of spouse if marital deduction is allowed and amounts transferred from principal to income and distributed are insufficient to obtain marital deduction 164.890
Allocation of receipts from and disbursements made in connection with transactions in derivatives to principal 164.895
Allocation from proceeds of collateral financial assets to income and principal 164.900
Disbursements required to be made from income 164.905
Disbursements required to be made from principal. 164.910
Transfer of net cash receipts from principal asset subject to depreciation to principal. 164.915
Transfer of amount from income to principal to make certain principal disbursements. 164.920
Payment of taxes required to be paid by trustee. 164.925
Adjustments between principal and income to offset shifting economic interests or tax benefits between income beneficiaries and remainder beneficiaries
Last Updated

Jun. 24, 2021

§ 164.798’s source at nv​.us