General power of appointment definition

General power of appointment means a power of appointment exercisable in favor of the powerholder, the powerholder's estate, a creditor of the powerholder, or a creditor of the powerholder's estate.

General power of appointment means a general power as that term is defined in section 2 of the powers of appointment act of 1967, 1967 PA 224, MCL 556.112. However, a power exercisable in favor of the donee, his or her estate, his or her creditors, or the creditors of his or her estate that is limited by an ascertainable standard is not a general power of appointment.

General power of appointment means a power of

Examples of General power of appointment in a sentence

• Grantor Trust Issues (III.B.2.) Regulations under Code § 671 • Portions are corpus/principal or income • Whoever is true settlor is treated as the grantor in testing under the grantor trust rules • General power of appointment does not shift grantor unless exercised (Reg.

• Property Transferred Under General Power of Appointment Passing Under General Power of Appointment General power of appointment exercised by decedent. Will or deed. In contemplation of or intended to take effect in possession or enjoyment at or after death. Exception: Bona fide sale with an adequate and full consideration.Life Insurance Proceeds and Gross Estate Life Insurance Included in Gross Estate Decedent took insurance. Beneficiary: Estate, executor, administrator. NOTA, revocable.

• General power of appointment:- Cannot expand the beneficiary designation because the individuals mustbe designated as of the date of the IRA owner’s death.Disadvantages of Naming a Trust 1.

• General power of appointment is taxed while special power of appointment is not because one can only refine grantor’s choice.

• General power of appointment in favor of the creditors of the Deceased Grantor’s estate.

More Definitions of General power of appointment

General power of appointment means a power of appointment exercisable in

General power of appointment means any power that would cause income to be taxed to the fiduciary in his individual capacity under Section 678 of the Internal Revenue Code and any power that would be a general power of appointment, in whole or in part, under Section 2041(a)(2) or 2514(c) of the Internal Revenue Code.

General power of appointment means a power of appointment exercisable in favor of the power holder, the power holder's estate, a creditor of the power holder, or a creditor of the power holder's estate.

General power of appointment means a power of appointment exercisable in favor of the

General power of appointment means a power that is exercisable in favor of the individual possessing the power, the individual's estate, the individual's creditors, or the creditors of the individual's estate other than either of the following:

General power of appointment means an unfettered power of appointment to such object or objects as the appointer may think fit;

General power of appointment means general power as that term is defined in section 2 of the powers of appointment act of 1967, 1967 PA 224, MCL 556.112.