March 01, 2004

Generation Skipping Transfer Tax Aspects of Crummey Powers AFter the 2001 the 201 Tax Act, Part 2 (2004, 18:02)

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.

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