2514(c)(3) (A), they did not possess general powers of appointment
128) Fortunately, section 2514(e) offers a safe harbor, providing that lapses of powers of appointment
of either $5000 or an amount not exceeding 5% of the trust corpus (the five and five power) (129) will not be deemed transfers of property by gift.
A draft Uniform Powers of Appointment
Act ("Draft UPOA") is in progress, (9) which is effectively based on translating the power of appointment provisions in the Restatement (Third) of Property into statutes.
We anticipate a saving of administrative time as a result of the transfer of powers of appointment
, however we will need to allocate internal resources to manage the transition.
Erla exercised her powers of appointment
by directing that each of her two children and any of her grandchildren who were not deemed deceased under Max's beneficiary restriction clause should receive $250,000 from the trust assets upon her death.
The pending bill eliminates a major concern regarding the use of electing small business trusts (ESBTs) for succession planning in family-owned S corporations by disregarding unexercised powers of appointment
in determining the trust's eligibility as an S corporation shareholder.
Teaching at Vassar College, Salmon trained generations of students in research methods and wrote a prize-winning study of the American president's powers of appointment
Yesterday, while not referring directly to the case, Ms Shearer said that bishops and archbishops would have to give up some of their powers of appointment
After all, the distributive role of the trustee is the critical role for which the settlor has specially chosen the person who is trustee, and much leeway is afforded to the trustee in exercising the discretionary distributive function, whether under discretionary trusts or under discretionary powers of appointment
, maintenance or advancement.
Exploring all legislation and regulation in this complex, changing area of taxation, this book covers key topics including: deathbed transfers, charitable trusts, valuation, gifts to minors, unified credit, jointly-held property, proceeds of life insurance, qualified domestic trusts, marital deductions, common disaster provisions, powers of appointment
The children are given general powers of appointment
over their pro rata trust shares, but only upon the death of their mother.
193) New York case law does not recognize the doctrine of substantial compliance in the area of discretionary powers of appointment