H3432: Grantor Trust Reimbursement

Legislative Summary

Amend The South Carolina Code Of Laws By Amending Section 27-6-20, Relating To Nonvested Property Interest Or Power Of Appointment, So As To Increase The Time An Interest Can Vest From Ninety Years To Three Hundred Sixty Years; By Amending Section 27-6-40, Relating To Reformation Of Property Dispositions, So As To Increase The Time Limit From Ninety Years To Three Hundred Sixty Years; By Amending Section 27-6-60, Relating To The Effect Of Timing Of Creation Of Property Interest, So As To Update Certain Dates; By Amending Section 62-7-504, Relating To Discretionary Trusts, So As To Provide Certain Situations In Which A Beneficiary Of A Trust May Not Be Considered A Settlor; By Amending Section 62-7-505, Relating To Creditors' Claims Against A Settlor, So As To Provide That Certain Amounts Paid To Taxing Authorities May Not Be Considered An Amount That May Be Distributed For The Settlor's Benefit; And By Adding Section 62-7-508 So As To Provide For Certain Grantor Trust Reimbursements.