| Title | AN ACT relating to property and trusts. |
|---|---|
| Bill Documents | Original |
| Sponsors | C. Massey |
| Summary of Original Version | Create new sections of KRS Chapter 386 to establish the Kentucky Community Property Trust Act; set requirements for creation of community property trusts by spouses; amend KRS 141.019, relating to individual income tax, to provide that adjusted gross income does not include a change in the cost basis of the surviving spouse's share of property owned by a Kentucky community property trust occurring for federal income tax purposes; amend KRS 386.175 to provide that a second trust may be created from an original trust whose terms have been modified; create a new section of KRS Chapter 396 to provide that creditor claims are barred if not presented within 6 months after the appointment of a personal representative or if not presented within 60 days of a personal representative giving actual notice to the creditor; amend KRS 396.011 to require creditor claims to be brought within the earlier of 8 months after the decedent's death or the established time periods. |
| Index Headings |
Property - Community Property Trust Act, creation of Taxation - Community Property Trust Act, creation of Taxation, Income--Individual - Community Property Trust Act, creation of Taxation, Inheritance and Estate - Community Property Trust Act, creation of Wills and Estates - Community Property Trust Act, creation of Wills and Estates - Creditor's claim, time period for Wills and Estates - Trust, amendment of instrument creating Banks and Financial Institutions - Community Property Trust Act, creation of Banks and Financial Institutions - Creditor's claim, time period for Civil Actions - Community Property Trust Act, creation of Civil Actions - Creditor's claim, time period for Civil Actions - Trust, amendment of instrument creating Short Titles and Popular Names - Community Property Trust Act |
| 12/11/19 | Prefiled by the sponsor(s). |
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Last updated: 1/6/2020 3:52 PM (EST)
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