Powers of Appointment

(redirected from General Powers of Appointment)

Powers of Appointment

A grant of the ability to dispose of property, especially of an estate. The person who receives the powers of appointment may be the executor of an estate or the trustee of a trust. The person with the powers of appointment must dispose of the property according to the wishes of the grantor, unless the grantor gives unlimited powers of appointment, which transfers discretion to the executor or trustee.
References in periodicals archive ?
they were trust beneficiaries and had the authority to pass distributions to one (or to the grantor) to the detriment of the other), they did not possess general powers of appointment over the trust for purposes of [section]2514.
The children are given general powers of appointment over their pro rata trust shares, but only upon the death of their mother.
Permissible Appointments Under General Powers of Appointment
The following powers if possessed by the income beneficiary would not be deemed general powers of appointment for purposes of IRC Section 2041:
77) The "relation back" doctrine not only determines the inception of the time period in which trust interests must vest, but it also determines the inception of the time period in which non-general and testamentary general powers of appointment must be exercised.
If, under the terms of the trust, the surviving spouse is given no special or general powers of appointment except the right to receive trust income for life with the remainder to be paid to the couple's heirs, none of the trust's assets can be drawn into the surviving spouse's estate.
in defining presently exercisable general powers of appointment held by the decedent.
So as not to confuse the agent in this regard, it might be a good idea to specifically state in the durable power of attorney that the power to exercise testamentary special and general powers of appointment is one of those powers that the agent is expressly prohibited from exercising.
2041(a)(1) and 2514(a), the lapse or release of pre-1942 general powers of appointment are not subject to estate or gift tax).
She was entitled to all the income and had lifetime and testamentary general powers of appointment over the trust principal.
While general powers of appointment may present valuation problems, the regulations are clear on the treatment of special powers of appointment with respect to the TPT credit.
The "tolling" of the disclaimer period when general powers of appointment are involved provides great flexibility in tailoring dispositive transfers involving long-term trusts.

Full browser ?