AI-assisted research summary: This section defines key terms used in the chapter, including the Alabama Family Trust, related trusts and corporations, trustees, beneficiaries, contributors, and related accounting terms.
This section was amended by Act 2018–36 of the 2018 Regular Session. As used in this chapter, the following words shall have the following meanings: (1) ALABAMA FAMILY CHARITABLE TRUST (AFT CHARITABLE TRUST). The trust established by the board of trustees that qualifies as a tax exempt charitable entity under the United States Internal Revenue Code, to provide benefits for any individual who does not have a sufficient amount in his or her AFT Trust to meet the individual’s needs. (2) ALABAMA FAMILY TRUST (AFT TRUST). The Alabama Family Trust established pursuant to this chapter. (3) ALABAMA FAMILY TRUST CORPORATION (AFT CORPORATION). An Alabama not-for-profit corporation established by the board of trustees pursuant to this chapter that qualifies as a tax exempt charitable organization under the United States Internal Revenue Code. (4) BOARD OF TRUSTEES. The Alabama Family Trust Board of Trustees established pursuant to this chapter. (5) COMMISSIONER. The Commissioner of the Alabama Department of Mental Health. (6) CONTRIBUTION. The balance of all amounts placed in a particular account but not including any appreciation in value of investments or accretions thereto resulting from any source, such as dividends, interest, and capital gains. In no event shall contribution mean more than the total of all contributions made to a particular account. (7) CONTRIBUTOR. Any person who makes a donation directly to the AFT Corporation or the AFT Charitable Trust. (8) CO-TRUSTEE. Any person named by the settlor to work with the trustee in providing benefits to a life beneficiary, except neither a contributor nor a contributor’s spouse shall be the co-trustee if the contributor or the contributor’s spouse is the life beneficiary. (9) DEPARTMENT. The Alabama Department of Mental Health. (10) IMPAIRMENT. A mental or physical disability that substantially limits one or more major life activities, whether the impairment is congenital or acquired by accident, injury, age, or disease, and where the impairment is verified by medical findings that meet the medical-vocational requirements for a finding of disability under Section 223(d) of the Social Security Act, 42 U.S.C. Section 423(d), or under Section 1614 of the Social Security Act, 42 U.S.C. Section 1382c. (11) LIFE BENEFICIARY. A beneficiary designated by a settlor. (12) NET INCOME. The earnings received on investments less expenses and fees for administration. (13) REQUESTING PARTY. The party requesting arbitration of a dispute regarding benefits to be provided by the AFT Trust. (14) RESPONDING PARTY. The party not requesting arbitration of a dispute regarding benefits to be provided by the AFT Trust. (15) SETTLOR. A person who establishes an AFT Trust account for a life beneficiary. (16) SUCCESSOR LIFE BENEFICIARY. A successor life beneficiary designated by the settlor to the AFT Trust, who is a legal sibling of the life beneficiary and who otherwise qualifies as a life beneficiary under the conditions of this chapter. (17) TRUSTEE. The Alabama Family Trust Corporation.