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TRUs (Total Return Unitrusts)

Statutory Techniques for Balancing the Financial Interests of Trust Beneficiaries	ALYSSA A. DIRUSSO Cumberland School of Law, Samford University KATHLEEN M. SABLONE U.S. Trust Published in University of San Francisco Law Review, Vol. 39, p. 261, 2005 Adobe PDF
Bob Wolf's TRU Tune-Up	Final Regulations Statutory Fine Tuning and Patches Adobe PDF
Implementing Total Return Trusts	Paul S. Lee, J.D. LL.M. Director, Bernstein Investment Research and Management Adobe PDF
Managing Trusts: Better Decisions in An Uncertain World	Paul S. Lee, J.D. LL.M. Director, Bernstein Investment Research and Management Adobe PDF
TRU or False: An Analysis of the Total Return Unitrust	Golden Adobe PDF Other files available for this article: Appendices (pdf) Appendix B1 15 (pdf) Appendix D (pdf) Appendix E (pdf)
THE TRU DEBATE	Monchek Adobe PDF or Microsoft Word Document
A Primer on the Uniform Principal and Income Act	Read Full Text
The Power to Adjust and the Unitrust	Wolf Adobe PDF or Microsoft Word Document
Policy Differences in Total Return Laws	Welch Read Full Text
A Professional's Simplified Guide to TRUs	Leimberg Read Full Text
THE (TRU) SHAPE OF THINGS TO COME	Wolf & Leimberg Read Full Text
Sample Total Return Unitrust	Wolf Read Full Text
Total Return Trusts	Spencer Read Full Text
TRUSTS FOR THE NEW CENTURY	Edwards Read Full Text
Should Estate Planners Be Revising Their Trusts?	Dam Read Full Text
Trust Design and Investment Strategy for the Next Millennium	Diamond Microsoft Word Doc
Definition of Income	Howell-Smith Read Full Text
REG-106513-00 TRU Thoughtfulness!	Wolf Read Full Text
News on Total Return UniTrusts: Too Hot to Wait!	Wolf Read Full Text
ESTATE PLANNING WITH TOTAL RETURN TRUSTS	Wolf Description: This article originally appeared at 36 Real Prop. Prob & Tr. J. 169 (2001) and is reproduced here with the permission of the American Bar Association. Errata Adobe PDF

Jurisdictions Having Enacted Uniform Principal and Income Act

Summary

Total In Force w/104	38 + D.C.	19 + Ohio, New Jersey and Louisiana have Unitrust Safe Harbors
Total Pending	2
Total Pending States
In Bill Form	1
Pending 104 Only	1
Pending Unitrust Only	0
Pending Both	0
Pending 104Safe Harbor	0
Pending 104-Unitrust
Definition	0
No Legislation		Georgia, North Dakota, Massachussetts, Mississippi, Rhode Island, Vermont, Wisconsin

Alabama

Section 104	Unitrust	Notes
Yes	No
Unitrust Conversion URL Citation: N/A

Alaska

Section 104	Unitrust	Notes
Yes	Yes	SB 87-Signed July 18, 2003 effective 9/01/03 Structured from PA Statute w/Modifications
Unitrust Conversion URL Citation: Alaska Stat. Section 13.38.200 et seq. http://www.legis.state.ak.us/basis/get_complete_bill.asp?session=23&bill=SB87

Arizona

Section 104	Unitrust	Notes
Yes	No
Unitrust Conversion URL Citation: N/A

Arkansas

Section 104	Unitrust	Notes
Yes	No
Unitrust Conversion URL Citation: N/A

California

Section 104	Unitrust	Notes
Yes	No	Unitrust Proposal under consideration
Unitrust Conversion URL Citation: N/A

Colorado

Section 104	Unitrust	Notes
Yes	Yes	SB03-310-Adding Unitrust Alternative-Similar to Illinois Statute - Approved May 22, 2003
Unitrust Conversion URL Citation: Col. Rev. Stat.15-1-402 Click Here

Connecticut

Section 104	Unitrust	Notes
Yes	No
Unitrust Conversion URL Citation: N/A

Delaware

Section 104	Unitrust	Notes
No	Yes	3-5% Rate Option-Ordering Discretionary
Unitrust Conversion URL Citation: Title 12 Delaware Code Section 3527 http://198.187.128.12/delaware/lpext.dll?f=templates&fn=fs-main.htm&2.0

District of Columbia

Section 104	Unitrust	Notes
Yes	No
Unitrust Conversion URL Citation: N/A

Florida

Section 104	Unitrust	Notes
Yes	Yes	Bill Signed -4/16/02 Eff. 1/01/03 --3-5% Rate Option or Section 738.101 et.seq.; Sec. 738.1041 1/2 7520 rate b/t 3% & 5%
Unitrust Conversion URL Citation: http://election.dos.state.fl.us/laws/02laws/ch_2002-042.pdf

Georgia

Section 104	Unitrust	Notes
No	No	Starting Committee Inquiry on TRU and UPAIA
Unitrust Conversion URL Citation: N/A

Hawaii

Section 104	Unitrust	Notes
Yes	No
Unitrust Conversion URL Citation: N/A

Idaho

Section 104	Unitrust	Notes
Yes	No
Unitrust Conversion URL Citation: N/A

Illinois

Section 104	Unitrust	Notes
No	Yes	4% Default, 3-5% w/consent of Trustees Note: Technical Amendments eff. 8/23/04
Unitrust Conversion URL Citation: 760 Illinios C.S. 5 et. seq. http://www.legis.state.il.us/ilcs/ch760/ch760actstoc.htm

Indiana

Section 104	Unitrust	Notes
Yes	Yes	Unitrust Chapter Effective 7/1/03-5% Default 3-5% With Agreement
Unitrust Conversion URL Citation: IC 30-2-14-15 Click here

Iowa

Section 104	Unitrust	Notes
No	Yes	Bill Signed April 5, 2002-Effective Immediately
Unitrust Conversion URL Citation: 15 Iowa Code Section 637-101 et seq. http://www.legis.state.ia.us/cgi-bin/Legislation/Bill.pl

Kansas

Section 104	Unitrust	Notes
Yes	No
Unitrust Conversion URL Citation: N/A

Kentucky

Section 104	Unitrust	Notes
Yes	Yes	Effective 1/1/05. No separate unitrust statute. Unitrust method of exercising power to adjust. Power to adjust allowed only with Court Approval.
Unitrust Conversion Citation: KRS 386.454

Louisiana

Section 104	Unitrust	Notes
Yes	Unitrust Safe Harbor	Just Section 104 - not the rest of UPAIA
Unitrust Conversion URL Citation: N/A

Maine

Section 104	Unitrust	Notes
Yes	Yes	4% Default- PA Model , Bill signed into Law 3/22/02
Unitrust Conversion URL Citation: Chap. 544 Sec. 1 18-A MRSA Sec. 7-704 http://janus.state.me.us/legis/ros/meconlaw.htm

Maryland

Section 104	Unitrust	Notes
Yes	Yes	Signed May 16, 2002-Effective Date October 1, 2002
Unitrust Conversion URL Citation: Chapter 478 Section 15-501 et seq. http://mlis.state.md.us/2002rs/bills/sb/sb0641f.rtf

Massachussetts

Section 104	Unitrust	Notes
Pending	No	HB740/SB962
Unitrust Conversion URL Citation: N/A

Michigan

Section 104	Unitrust	Notes
Yes	No
Unitrust Conversion Citation: Act No. 159, Public Acts of 2004,eff.9/1/04

Minnesota

Section 104	Unitrust	Notes
Yes	No	Adopted just the power to adjust
Unitrust Conversion URL Citation: Minnesota Statutes Section 501B.705 http://www.revisor.leg.state.mn.us/stats/501B/705.html

Mississippi

Section 104	Unitrust	Notes
No	No
Unitrust Conversion URL Citation: N/A

Missouri

Section 104	Unitrust	Notes
Yes	Yes	3% Minimum-no maximum-short statutes of limitation
Unitrust Conversion URL Citation: Chapter 469.411 et seq. http://www.moga.state.mo.us/statutes/chapters/chap469.htm

Montana

Section 104	Unitrust	Notes
Yes	No	SB 231 - Enacted
Unitrust Conversion URL Citation: http://data.opi.state.mt.us/bills/mca/72/34/72-34-424.htm

Nebraska

Section 104	Unitrust	Notes
Yes	No
Unitrust Conversion URL Citation: N/A

Nevada

Section 104	Unitrust	Notes
Yes	No	SB 196-Enacted
Unitrust Conversion URL Citation: http://www.leg.state.nv.us/72nd/Bills/SB/SB196.html

New Hampshire

Section 104	Unitrust	Notes
No	Yes	5% Rate-Otherwise Patterned after PA Bill
Unitrust Conversion URL Citation: Chapter 191 RSA Sectoin 564-A http://www.gencourt.state.nh.us/legislation/2002/hb1217.html

New Jersey

Section 104	Unitrust	Notes
Yes	Unitrust Safe Harbors	Adjustment up to 4% or down to 6% presumed reasonable
Unitrust Conversion URL Citation: http://www.njleg.state.nj.us/2000/Bills/pl01/212_.pdf

New Mexico

Section 104	Unitrust	Notes
Yes	No
Unitrust Conversion URL Citation: N/A

New York

Section 104	Unitrust	Notes
Yes	Yes	4% Default Rate-Detailed Provisions
Unitrust Conversion URL Citation: Article 11 Section 11-2.1 et seq. http://assembly.state.ny.us/leg/?cl=38&a=51

North Carolina

Section 104	Unitrust	Notes
Yes	Yes	Signed June 19, 2003-Effective 1/1/2004 104 plus Delaware Style Unitrust Statute(3-5%)
Unitrust Conversion URL Citation: N.C. Gen. Stat. Sec. 37A-1-101 et seq. http://www.ncga.state.nc.us/html2003/bills/AllVersions/Senate/S549vc.html

North Dakota

Section 104	Unitrust	Notes
No	No	Adopted the Uniform Act without Section 104
Unitrust Conversion URL Citation: N/A

Ohio

Section 104	Unitrust	Notes
Yes	4% Unitrust Safe Harbor	HB 522 Signed Dec. 9, 2002-Adjustment Up to 4% Conclusively Presumed To Be Proper
Unitrust Conversion URL Citation: RC 1340.41 http://www.legislature.state.oh.us/bills.cfm?ID=124_HB_522

Oklahoma

Section 104	Unitrust	Notes
Yes	No
Unitrust Conversion URL Citation: N/A

Oregon

Section 104	Unitrust	Notes
Yes	Yes	H 2063--similar to PA Statute passed and in effect
Unitrust Conversion URL Citation: http://pub.das.state.or.us/LEG_BILLS/PDFs/AEHB2063.pdf

Pennsylvania

Section 104	Unitrust	Notes
Yes	Yes	4% Default Rate-Broad Application of TRU & 104-Signed 5/16/02 Eff.7/15/02
Unitrust Conversion URL Citation: 20 Pa.C.S.A. Section 8101 et seq. http://www.legis.state.pa.us/2001%5F0/sb1014p1431.htm

Rhode Island

Section 104	Unitrust	Notes
No	No
Unitrust Conversion URL Citation: N/A

South Carolina

Section 104	Unitrust	Notes
Yes	No
Unitrust Conversion URL Citation: N/A

South Dakota

Section 104	Unitrust	Notes
No	Yes	Minimum 3% Rate-no maximum-effective July 1, 2002 15 SD Codified Laws Sec. 55-15-1 et seq.
Unitrust Conversion URL Citation: Click Here

Tennessee

Section 104	Unitrust	Notes
Yes	No
Unitrust Conversion URL Citation: N/A

Texas

Section 104	Unitrust	Notes
Yes	No (But TRU Inc. Def)	SB 573/HB 2241-Contains TRU income definition
Unitrust Conversion URL Citation: Tex. Prop. Code Ann. Sec. 116.001 et seq. Click here

Utah

Section 104	Unitrust	Notes
Yes	No
Unitrust Conversion URL Citation: Utah Code 22-3-104 Click here

Vermont

Section 104	Unitrust	Notes
No	No
Unitrust Conversion URL Citation: N/A

Virginia

Section 104	Unitrust	Notes
Yes	Yes
Unitrust Conversion Citation: Va. Code Sec. 55-277.4:1;Va. Code Sec. 55-277.4

Washington

Section 104	Unitrust	Notes
Yes	Yes	4% Default-Patterned after PA Bill-Passed in April 2002 Effective 1/1/03
Unitrust Conversion URL Citation: RCW Chapter 11.101 http://www.leg.wa.gov/RCW/index.cfm?fuseaction=chapterdigest&chapter=11.104

West Virginia

Section 104	Unitrust	Notes
Yes	No
Unitrust Conversion URL Citation: N/A

Wisconsin

Section 104	Unitrust	Notes
Pending	Pending	Expected to be reintroduced this year
Unitrust Conversion URL Citation: N/A

Wyoming

Section 104	Unitrust	Notes
Yes	No
Unitrust Conversion URL Citation: N/A

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TRUs (Total Return Unitrusts)

Jurisdictions Having Enacted Uniform Principal and Income Act

Summary

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