2033
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Transcript of 2033
1
2033
Interest in property owned individually
2
2036, 2037, 2038
“… in contemplation of or intended to take effect in possession or enjoyment at or after his death …”
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2036
W
Inc. to H, life, then Inc. to W, life, then Rem. to children
Trust
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2036
G
Inc. to G, life, then Rem. to children
Trust
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2036
1) Transfer by decedent
2) Retention for the prohibited time, of
3) (a) (1), (2)
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2036
Prohibited timeLifeNot ascertainable without reference
to deathDoes not in fact end before death
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2036
(a) (1) possession, enjoyment or income
(a) (2) control, designate personsalone or in conjunction with
(b) anti-Bynum rule
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2036
1984 - SP $270,000Gift (20,000)Mtg. $250,000
1985 - forgave $20,000 1986 - forgave $20,000 7/86- dies 12/86 - sold $550,000
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2036
A B
Reciprocal trust doctrine applies to all interests and powers
Inc. BRem. to B’s children
Inc. ARem. to A’s children
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2038
Alter, amend, revoke or terminate Alone or in conjunction with UGMA /UTMA Living trust Removal and replacement of trustee Reciprocal trust
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2041 Power of Appointment
S1
S2 Inc.T-ee InvadeChildren Rem.
S2 Test. P/A ChildrenS2 5 & 5S2 Appt. to selfS2 Test. P/A
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2041 Power of Appointment
General Special / Limited
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2039 Annuities
Concept Single life / no balance Single life / balance Self and survivor Joint and survivor
Contributions and wealth transfer Employee status 2056
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2039 Annuities
Amt. Incl. =
D’s contrib.Annuity value
Purchase PriceX
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2040 Joint Interests
Tenancy in Common Joint Tenancy
Convenience v. property interestPOA Acct. v. JTROS
Tenancy by Entireties Community Property
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2040 Joint Interests
2040(a)Contribution test
2040(b)One-halfGallenstein
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2040 Joint Interests
Amt. Excl. =
Survivor’s consid.Value
Total consid.X
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2042 Life Insurance
Protection Liquidity Wealth Creation Wealth Replacement Term v. Permanent
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2042 Life Insurance
receivable by executor incidents of ownership
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2035 Gifts/3 Years of Death
Seldom applies, BUT Gift tax inclusion inadequate Life insurance Revocable trusts