Laws, Regulations & Annotations

P

625.0000 PARENT-CHILD TRANSFER

Annotation 625.0206

625.0206 Trusts. The transfer by a decedent spouse to an irrevocable trust in which the survivor spouse (Wife) is the sole present beneficiary with a limited or special power of appointment of the trust assets enables the children receiving the remainder interests to claim the exclusion on the basis that both parents were transferors (via the trust) upon Wife's death. If the children timely file claims, Husband's $1 million exclusion could be applied to his property, and Wife's $1 million exclusion could be applied to her property, with neither exclusion amount being reduced because of the special power of appointment held by Wife. C 8/22/1996.

Note: Amended to remove the C 2/4/1988 correspondence which relies on language in section 63.1 that has been amended.