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Recommended Statute General Power; Special Power (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.
For a trust to qualify for a marital deduction, it must be drafted as either a general power of appointment trust or a qualified terminable interest property (QTIP) trust.
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.
Generation-Skipping Transfer Tax 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).
08(7)(b)4 an attorney-in-fact cannot under any circumstance execute a will or codicil on behalf of the principal, the agent is effectively prevented from exercising either a testamentary special or general power of appointment notwithstanding what F.
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).