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126) Section 2514(b) provides that the execution or lapse of a general power of appointment is deemed a transfer of property by gift.
a) A power of appointment as defined in [section defining power of appointment], other than a power of appointment that the donor possesses as donee, is general to the extent that the power is treated as a general power of appointment pursuant to section 2041(b)(1) or section 2514(c) of the Internal Revenue Code of 1986, as amended.
Otherwise, the grantor's spouse will possess a general power of appointment over the trust property, causing it to be included in the spouse's estate.
4) Where the donor of a general power of appointment has not expressly imposed a requirement of good faith or of reasonableness with respect to the donee's exercise of such power, neither such requirement shall be implied.
In Gerson, (18) the Tax Court held that the exercise of a testamentary general power of appointment by a decedent in favor of her grandchildren was subject to generation-skipping transfer tax (GSTT).
A general power of appointment is defined as any power to consume, invade, or appropriate someone else's property which is exercisable in favor of power holder, his estate, his creditors, or the creditors of his or her estate.
Depending on the situation, a surviving spouse's disclaimer of a general power of appointment over trust property may prove advantageous and may qualify the trust for certain preferred treatment.
Will to the extent not so expended (a) pass to the donee or his attaining the age of 21 years and (b) in the event the donee dies before attaining the age of 21 years be payable to the estate of the donee or as he may appoint under a general power of appointment as defined in Section 2514(c).