Bill > H1436

This bill amends Chapter 203 of the General Laws to allow for the creation of "total return unitrusts" in Massachusetts. A total return unitrust is an income trust that can be converted to distribute a fixed percentage of the trust's fair market value annually, rather than just the net income. The bill outlines the process for a trustee to convert an income trust to a total return unitrust, reconvert it back, or change the percentage used to calculate the distribution. The bill also provides guidelines for the trustee's administration of the unitrust and limits on its applicability. Overall, the bill aims to provide trustees with more flexibility in managing trust assets and distributions to beneficiaries.

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https://malegislature.gov/Bills/193/H1436