Generation Skipping Transfer Tax Aspects of Crummey Powers After the 2001 Tax Act, Part 2
Probate and Property, March/April 2004 Volume 18, Number 2
By Sebastian V. Grassi Jr.
Sebastian V. Grassi Jr. is a partner in the Troy, Michigan, law firm of Grassi & Toering, PLC. This article is adapted from Grassi, A Practical Guide to Drafting Irrevocable Life Insurance Trusts (ALI/ABA 2003).
This is Part 2 of a two-part article on the income and transfer tax aspects of Crummey powers under the 2001 Tax Act. Part 1, which appeared in the January/February 2004 issue , dealt with various common income, gift, and estate tax issues that an attorney may encounter or want to consider when drafting Crummey powers under the 2001 Tax Act. Part 2 discusses the generation-skipping transfer tax aspects of Crummey powers under the 2001 Tax Act.