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Avoid Powers to Revoke, Alter, Amend, or Terminate

6 Pages Posted: 24 Jul 2013  

Bridget J. Crawford

Pace University School of Law

Loriann M. Low

Pace University - School of Law

Date Written: October 2012

Abstract

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.

Keywords: trusts, incomplete gifts, gifts, revoke, alter, amend, terminate, 2038, estate tax, gross estate

JEL Classification: K34, K19

Suggested Citation

Crawford, Bridget J. and Low, Loriann M., Avoid Powers to Revoke, Alter, Amend, or Terminate (October 2012). Tax Notes, Vol. 137, No. 1, 2012. Available at SSRN: https://ssrn.com/abstract=2170368

Bridget J. Crawford (Contact Author)

Pace University School of Law ( email )

78 North Broadway
White Plains, NY 10603
United States

Loriann M. Low

Pace University - School of Law ( email )

78 North Broadway
White Plains, NY 10603
United States

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