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Thursday, April 26, 2012

Crawford: The Tax Perils of Jointly Held General Powers of Appointment

Tax AnalystsBridget J. Crawford (Pace), The Perils of Jointly Held General Powers of Appointment, 135 Tax Notes 497 (Apr. 23, 2012):

This article provides an overview of the estate tax consequences of jointly-held general powers of appointment. To avoid triggering estate tax inclusion, a general power should be held with either the creator of the power or a person having a 'substantial' and 'adverse' interest in the exercise of the power. The determination that an interest is substantially adverse to the powerholder’s requires careful reference to the regulations. Jointly-held general powers of appointment are so complicated that they rarely are the most efficient drafting choice.

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