Nebraska Revised Statute 77-27,228

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77-27,228. Planned gift, defined.

(1) For purposes of sections 77-27,228 to 77-27,234, subject to subsection (2) of this section, planned gift means an irrevocable contribution to a qualified endowment when the contribution uses any of the following techniques authorized under the Internal Revenue Code of 1986, as amended:

(a) Charitable remainder unitrusts, as defined by section 664(d)(2) of the code;

(b) Charitable remainder annuity trusts, as defined by section 664(d)(1) of the code;

(c) Pooled income fund trusts, as defined by section 642(c)(5) of the code;

(d) Charitable lead unitrusts qualifying under section 170(f)(2)(B) of the code;

(e) Charitable lead annuity trusts qualifying under section 170(f)(2)(B) of the code;

(f) Charitable gift annuities undertaken pursuant to section 1011(b) of the code;

(g) Deferred charitable gift annuities undertaken pursuant to section 1011(b) of the code;

(h) Charitable life estate agreements qualifying under section 170(f)(3)(B) of the code; or

(i) Paid-up life insurance policies qualifying as a deduction under section 170 of the code.

(2)(a) A contribution using a technique described in subdivision (1)(a) or (1)(b) of this section is not a planned gift unless the trust agreement provides that the trust cannot terminate and the beneficiaries' interest in the trust cannot be assigned or contributed to the qualified endowment sooner than the earlier of:

(i) The date of death of the beneficiaries; or

(ii) Five years after the date of the contribution.

(b) A contribution using the technique described in subdivision (1)(g) of this section is not a planned gift unless the payment of the annuity is required to begin within the life expectancy of the annuitant or of the joint life expectancies of the annuitants, if more than one annuitant, as determined using the actuarial tables adopted by the Department of Revenue in effect on the date of the contribution. The department may adopt and promulgate rules and regulations adopting life expectancy tables that are derived from the actuarial tables contained in the publications of the Internal Revenue Service.

(c) A contribution using a technique described in subdivision (1)(f) or (1)(g) of this section is not a planned gift unless the annuity agreement provides that the interest of the annuitant or annuitants in the gift annuity cannot be assigned to the qualified endowment sooner than the earlier of:

(i) The date of death of the annuitant or annuitants; or

(ii) Five years after the date of the contribution.

(d) A contribution using a technique described in subdivision (1)(f) or (1)(g) of this section is not a planned gift unless the annuity is a qualified charitable gift annuity as defined in section 59-1802.

Source

    Laws 2005, LB 28, ยง 2.
    Termination Date: January 1, 2010