Arizona Marital-deduction Residuary Trust with a Single Trustor and Lifetime Income and Power of Appointment in Beneficiary Spouse
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How to fill out Marital-deduction Residuary Trust With A Single Trustor And Lifetime Income And Power Of Appointment In Beneficiary Spouse?
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FAQ
Normally the exercise of a lifetime limited power of appointment does not result in a taxable gift (lifetime or on death.) But when a property interest is lost upon the exercise of the limited power of appointment, then a taxable gift arises.
?A power of appointment is 'a power conferred by the owner of property (the 'donor') upon another person (the 'donee') to designate the persons ('appointees') who will receive the property [('appointive property')] at some time in the future'.? Estate of O'Connor, citing Sefton v. Sefton (2012) 206 Cal. App.
EXAMPLE: Creator establishes a lifetime trust for a beneficiary, which then passes assets to such descendants of the beneficiary as he shall appoint in trust. The beneficiary appoints to his child (unborn at creator's death), for life, remainder to the beneficiary's grandchildren.
The holder can change the disposition of property or assets, even if it conflicts with the original intention of the grantor, who created the power of appointment. For example, a power of appointment can allow a grandchild to decide who will receive the family vacation home after their grandparents pass away.
A marital deduction trust is a trust where transfers of property between married partners are free of federal transfer tax. A marital deduction trust can take one of two forms: A life estate coupled with a general power of appointment given to the spouse, or. A Qualified Terminable Interest Property (QTIP) trust.
The first trust (the ?marital? trust) is for the surviving spouse, and the second trust (the ?bypass? or ?residual? trust) is typically for the couple's heirs. The surviving spouse can access the residual trust or receive income from it during their lifetime, but it does not belong to them.
What is a general power of appointment? A power of appointment in which there are no restrictions or conditions on the donee's exercise of the power is a general power of appointment.
The grantor can opt to have the beneficiaries receive trust property directly without any restrictions. The trustee can write the beneficiary a check, give them cash, and transfer real estate by drawing up a new deed or selling the house and giving them the proceeds.
