IRC Section 678 and the Beneficiary Deemed Owner Trust (BDOT)

Author:

Morrow Edwin P.

Publisher

Elsevier BV

Reference7 articles.

1. +Ann" refers to the annual exclusion under IRC Section 2503(b), $15,000 as of 2018-2020, adjusted annually for inflation "x2" refers to twice the annual exclusion if the donor is married (or in some states, if election to split gift) Lapses For comparison of DAPT statutes;Companion Chart to Article/Presentation "IRC �678 and the Beneficiary Deemed Owner Trust (BDOT)

2. All powers of withdrawal are PEG powers. However, not all PEG powers are powers of withdrawal: e.g., a power only exercisable with consent of a non-adverse party trustee is NOT considered a power of withdrawal under the UTC, but would be a PEG power. Often, however, the two terms are equivalent. Additionally, a PEG power is not always the same for state law creditor or rule against perpetuity issues as it is for IRC � 2514/2041 gift and estate tax purposes. For example, a presently exercisable power to appoint with consent of an adverse party may be "general" for state law, but not federal gift/estate tax law. See cites to Restatement 2nd and 3d of Property below. One recent appellate decision, CARNE v. WORTHINGTON, 246 Cal;App.4th,2011

3. Contracts. Third Party Beneficiaries. Persons for Whom the Government Contracts to Provide Training and Employment Are Not Third Party Beneficiaries. Martinez v. Socoma Companies, Inc., 11 Cal. 3d 394, 521 P. 2d 841, 113 Cal. Rptr. 585 (1974) (En Banc)

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