White Paper

3 Pages
  • 3 Pages

Lapse and Release of Crummey Powers

 

Understand how a trap in using Crummey powers arises from the power’s lapse.

A Crummey power is a general power of appointment.  Because the Code categorizes the release of a general power of appointment as a taxable gift, without careful drafting of the trust instrument, the lapse of a withdrawal right may effectively give rise to the beneficiary donating a taxable gift to the trust. This white paper reviews two ways to treat the taxable release and gift issue. 

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Lapse and Release of Crummey Powers

Faculty

Todd Denison

Todd Denison

Phelps Dunbar LLP

  • Partner with Phelps Dunbar LLP
  • Represents individuals and business entities in the areas of business transactions and operations, partnership and corporate taxation, real and personal property transactions, trusts and estates (including sophisticated estate) planning, charitable organizations (formation and operations), employee stock ownership plans and other qualified retirement plans, captive insurance, international transactions and taxation, tax controversies with the IRS, and elder law
  • Clients include a regional engineering firm, national advertising agency, regional construction firm, regional stone and interior design firm, and numerous family-owned businesses operating locally, regionally, and internationally
  • Frequent speaker and has several publications
  • Member of numerous professional and civic organizations
  • Achieved the highest rating with Martindale-Hubbell Law Directory
  • The Best Lawyers in America© (Woodward/White, Inc.), Business Organizations (including LLCs and Partnerships) in Mobile, 2019; Tax Law in Mobile, 2018-2019; Trusts and Estates in Mobile, 2018-2019
  • LL.M. degree, New York University School of Law; J.D. degree, University of Montana School of Law; M.A. and B.A. degrees, University of Montana
  • Can be contacted at 251-441-8206 or [email protected]
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Lapse and Release of Crummey Powers

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