Section 28-72-504 - Long-term intergenerational security trust agreement(a) The long-term intergenerational security trust agreement must:(1) Name an Arkansas resident or an entity located in Arkansas as trustee;(2) Provide that contributions to the trust shall not exceed four thousand dollars ($4,000) during any taxable year prior to the beneficiary's death;(3)(A) Provide that the trustee shall not distribute any funds from the trust to the beneficiary of the trust until the beneficiary reaches fifty-five (55) years of age, at which time the trustee shall begin distributing trust funds to the beneficiary.(B) The funds shall not be deemed to be constructively received when the beneficiary reaches fifty-five (55) years of age; and(4) Require the trustee to notify the Department of Finance and Administration of all distributions of principal and interest from the trust during the previous taxable year within thirty-one (31) days immediately following the end of the taxable year.(b) A beneficiary must file a copy of the long-term intergenerational security trust agreement with his or her income tax return for each taxable year the beneficiary claims the tax benefits provided in this subchapter.Acts 1995, No. 1303, §§ 5, 6.