NC S1176

Addresses the temporary expiration of federal estate tax and generation-skipping transfer tax that occurred on January 1, 2010, by providing rules for interpreting formula clauses in wills, codicils, and trusts executed before December 31, 2009.

Requires formula clauses referencing terms like "applicable credit amount," "applicable exclusion amount," "GST exemption," "marital deduction," or similar estate and generation-skipping transfer tax provisions to be construed according to federal tax law as it existed on December 31, 2009, unless the document clearly manifests contrary intent.

Applies to wills and trusts of decedents or settlors who die after December 31, 2009, and before January 1, 2011, or before reinstatement of the federal estate tax and generation-skipping transfer tax, whichever is earlier.

Permits personal representatives, trustees, and affected beneficiaries to bring judicial actions within 12 months of a decedent's death to determine whether the decedent intended references to be construed according to post-2009 federal law.

Clarifies that superior courts lack jurisdiction over proceedings to construe formulas in trusts subject to the new statute, while preserving jurisdiction over other trust matters.