H3432

South Carolina H3432 amends trust laws to allow trustees to reimburse grantors for certain tax liabilities and to reform property dispositions.

South Carolina H3432 amends the state's trust laws to allow trustees to reimburse grantors for personal federal, state, or other income tax liabilities attributable to trust income or capital gains. This reimbursement can be made directly to the grantor or to the appropriate taxing authority. The bill also increases the time limit for reforming property dispositions from ninety years to three hundred sixty years. Additionally, it updates certain dates and provides situations where a beneficiary of a trust may not be considered a settlor.