John M. W. Moorlach
- Republican
Author
Existing law regulates the interpretation and administration of wills, trusts, and estates. Existing law regulates the compliance of marital deduction gifts with the federal Internal Revenue Code. Existing law provides that if a marital deduction gift is made in trust, certain additional conditions apply to the marital deduction trust, including, among others, that the transferor's spouse is entitled to all of the income of the marital deduction property not less frequently than annually, as long as the spouse is alive. Existing law requires that in the case of qualified terminable interest property specified in certain provisions of the Internal Revenue Code, on termination of the interest of the transferor's spouse in the trust, all of the remaining accrued or undistributed income pass to the transferor's spouse, except as provided. This bill would delete the provision relating to qualified terminable interest property described above and instead require that the term income, for purposes of the marital deduction property, be construed in a manner consistent with specified provisions of the Internal Revenue Code, and include a unitrust payment or other allocation of income determined pursuant to a reasonable apportionment of total investment return, as specified.
Approved by the Governor.
Chaptered by Secretary of State. Chapter 140, Statutes of 2016.
Enrolled and presented to the Governor at 10:30 a.m.
In Senate. Ordered to engrossing and enrolling.
Read third time. Passed. (Ayes 76. Noes 0. Page 5644.) Ordered to the Senate.
Read second time. Ordered to consent calendar.
From committee: Do pass. Ordered to consent calendar. (Ayes 10. Noes 0.) (June 28).
In Assembly. Read first time. Held at Desk.
Read third time. Passed. (Ayes 38. Noes 0. Page 3849.) Ordered to the Assembly.
Read second time. Ordered to consent calendar.
From committee: Do pass. Ordered to consent calendar. (Ayes 6. Noes 0. Page 3767.) (May 3).
Set for hearing May 3.
From printer. May be acted upon on or after March 20.
Introduced. Read first time. To Com. on RLS. for assignment. To print.
| Bill Text Versions | Format |
|---|---|
| SB1265 | HTML |
| 02/18/16 - Introduced | |
| 08/02/16 - Enrolled | |
| 08/17/16 - Chaptered |
| Document | Format |
|---|---|
| No related documents. |
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