The foregoing discussion of mortgages, future interests
, and servitudes may give the impression that the mutual exclusivity principle is somehow special to property rights in land, or maybe physical objects.
(12.) While some types of transfers were at one time impermissible for some kinds of future interests
, the prevailing modern view is that all future interests
can be transferred in the same manner as possessory interests.
Also, related premiums paid by the donor are gifts of future interests
unless the funds are first transferred into a trust with Crummey provisions.
25.2503-3(a) defines a future interest
in property to include "reversions, remainders, and other interests or estates, whether vested or contingent ...
Because a well-drafted trust imposes a survival requirement, and thus does not create transmissible future interests
, the trust must provide for the possibility that no remainder beneficiary will survive the distribution date.
The ownership of real property may be divided into present and future interests
Perhaps the most important practical difference will be the loss of flexibility in the beneficiary's disposition of future interests
It begins with details on the exam, then outlines strategies and tactics for each subject--constitutional law, contracts, criminal law and procedure, evidence, real property and future interests
, and torts--with 325 questions drawn from past exams and a full-length 200-question practice exam made up of past questions, with answers and explanations.
25.2503-3(a) states that future interests
, which may be vested or contingent, are limited to use, possession or enjoyment at some future time.
Estates in land and future interests
; a step-by-step guide, 4th ed.
The Service argued that the failure to provide written notice as required by the trust agreement rendered the interests future interests
. Focusing on Crummey and Cristofani,(23) the Tax Court adamantly rejected the Service's argument.
A student's guide to estates in land and future interests
; text, examples, problems and answers, 3d ed.