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This entry was published on 2014-09-22
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SECTION 9-1.7
Trust for self-employed individuals and others
Estates, Powers & Trusts (EPT) CHAPTER 17-B, ARTICLE 9, PART 1
§ 9-1.7 Trust for self-employed individuals and others

No trust created under a retirement plan, which is exempt from federal
income taxation under the laws of the United States, is invalid as
violating the rule against perpetuities or the rules governing the
accumulation of income. Such a trust may continue for such time as may
be necessary to accomplish the purposes for which it is created; may
permit the accumulation of income until such time as the income is
distributed to the beneficiaries under the terms of the trust; and may,
according to its terms, be made irrevocable and the interest of its
beneficiaries nontransferable by assignment or otherwise. A trust so
made irrevocable is not subject to revocation upon the written consent
of its beneficiaries as provided in 7-1.9.