Avoid Powers to Revoke, Alter, Amend, or Terminate
Bridget J. Crawford
Pace University School of Law
Loriann M. Low
Pace University - School of Law
Tax Notes, Vol. 137, No. 1, 2012
This article provides an introduction to section 2038, which provides that a decedent’s estate includes the value of all interests in property transferred by the decedent over which the decedent has a power to revoke, alter, amend, or terminate beneficial interests. After a discussion of the statutory language, this article provides an overview of the problems that can arise under section 2038, with special attention to cases in which powers held by a trustee will be imputed to a trust’s grantor. There is a short quiz at the end of the article that both experienced and beginning practitioners can use to gauge their understanding of section 2038.
Number of Pages in PDF File: 6
Keywords: trusts, incomplete gifts, gifts, revoke, alter, amend, terminate, 2038, estate tax, gross estate
JEL Classification: K34, K19Accepted Paper Series
Date posted: July 24, 2013
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