1. The trustee of an endowment care fund that is operating as a unitrust shall adopt a written investment policy that supports the growth of the fund.
2. Except as otherwise provided in subsection 4, the trustee of an endowment care fund that is operating as a unitrust may disburse to the cemetery authority during a calendar year an amount not to exceed the sum of 5 percent of the value of the endowment care fund at the beginning of the calendar year and any additional taxes or fees imposed on the distribution.
3. The trustee of an endowment care fund that is operating as a unitrust shall not make a disbursement to the cemetery authority from the fund if, after making the disbursement, the value of the fund would be less than 80 percent of the value of the fund at the end of the immediately preceding calendar year.
4. The Administrator may prohibit the trustee of an endowment care fund that is operating as a unitrust from making a disbursement to the cemetery authority or limit the amount of such a disbursement if the Administrator determines, based on the value of the fund, that the principal of the fund is not adequately protected. For the purposes of this subsection, the value of the fund must be determined at the end of the calendar year by averaging, over the preceding 3 years or during the period of the trust’s existence, whichever is less, both the income and the principal of the trust.
(Added to NRS by 2017, 1202)
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
