CHAPTER 191
H.P. 751 - L.D. 1028
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 18-A MRSA §7-402, sub-§(c), ¶(26), as enacted by PL 1979, c. 540, §1, is amended to read:
(26) To execute and deliver all instruments which that will accomplish or facilitate the exercise of the powers vested in the trustee.; and
Sec. 2. 18-A MRSA §7-402, sub-§(c), ¶(27) is enacted to read:
(27) To divide the funds and properties constituting a trust into 2 or more identical separate trusts that represent 2 or more fractional shares of the funds and properties being divided and to make distributions of income and principal by a method other than pro rata from the separate trusts created as the trustee determines to be in the best interest of the trust beneficiaries. In any case when a single trust has been divided by the trustee into 2 separate trusts, one of which is fully exempt from the federal generation-skipping transfer tax and one of which is fully subject to that tax, the trustee may thereafter, to the extent possible consistent with the terms of the governing instrument, determine the value of any mandatory or discretionary distributions to trust beneficiaries on the basis of the combined value of both trusts, but may satisfy those distributions by a method other than pro rata from the separate trusts in a manner designed to minimize the current and potential generation-skipping transfer tax.
Effective September 19, 1997, unless otherwise indicated.
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