ASCERTAINABLE STANDARD RESTRICTIONS ON TRUST POWERS UNDER THE ESTATE, GIFT, AND INCOME TAX

A paper discusses the effect of ascertainable standard restrictions on trust distribution powers in connection with: 1. the includibility of trust assets in the gross estate of the grantor or other holders of various powers over such assets under Sections 2036(a) and 2038, 2. completed gift treatmen...

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Bibliographic Details
Published in:The Tax lawyer 1997-04, Vol.50 (3), p.489-537
Main Author: Harris, Richard W.
Format: Article
Language:English
Subjects:
Beneficiaries
Disclaimers
Educational standards
Estate assets
Estate taxes
Federal court decisions
Gift taxes
Gifts
Income distribution
Income taxes
Irrevocable trusts
Powers of appointment
Property taxes
Property trusts
Standard of living
Tax attorneys
Trust distributions
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Summary:A paper discusses the effect of ascertainable standard restrictions on trust distribution powers in connection with: 1. the includibility of trust assets in the gross estate of the grantor or other holders of various powers over such assets under Sections 2036(a) and 2038, 2. completed gift treatment for certain donative transfers under Section 2511 where various trust distribution powers have been given or retained, and 3. the interaction of the gift and estate tax rules regarding the treatment of such distribution powers. A detailed discussion is presented of the available administrative and judicial precedent concerning the definition of the ascertainable standard in general, and the determination that an ascertainable standard is related to health, education maintenance, or support, as required by Sections 2041 and 2514. The ascertainable standard in the area of qualified disclaimers under Section 2518 is also discussed.
ISSN:0040-005X
2329-6089