Testamentary Limited Power of Appointment May Not Prevent Transfer to Irrevocable Trust From Being Subject to Gift Tax

Contact: Berger Singerman LLP (Florida, USA) 

This month’s Tax Alert discusses a recent IRS Office of Chief Counsel Memorandum which concludes that a testamentary limited power of appointment may not be sufficient to prevent a transfer of property

to an irrevocable trust from being a completed gift and, therefore, subject to immediate gift tax consequences. Click here to read entire article.