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From various letter rulings, it appears that the Service seems to require notice of the withdrawal right as well as a reasonable time in which to exercise it.(16) In Letter Ruling 9532001,(17) a taxpayer had created an irrevocable trust for the benefit of nine grandchildren, who waived their rights to withdraw the initial gift and revocably waived their rights to receive notices of future withdrawal rights.
Comm., (5) the Eighth Circuit affirmed a 9-7 decision of the Tax Court holding that the proceeds of a wife-owned policy, payable revocably to the trustee of a revocable trust created by the insured husband, were not includable in the insured's estate under either IRC Section 2042 (incidents of ownership test-see Q 631) or IRC Section 2041 (general power of appointment-see Q 852(9)).