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.
Agenda
Faculty
Todd Denison
Phelps Dunbar LLP
- Partner with Phelps Dunbar LLP
- Practice focuses on business and tax law
- Counsels corporate and individual clients in various facets of their business operations, including: corporations and partnerships, employee stock ownership plans (ESOP), general tax advices, and trust and estates/estate planning
- Advises closely held companies nationwide on ESOP transactions, from feasibility studies to plan development, document drafting, and financial structuring, while collaborating with banks and benefits counsel to ensure compliance and optimal outcome
- 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
- Mid-South Super Lawyers Rising Stars list, Super Lawyers (2010-2014), Business Organizations (including LLCs and Partnerships) (2019-2025), Tax Law (2018-2025), Trusts and Estates (2018-2025), The Best Lawyers in America
- 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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