Articles Posted in Wills

Internal Revenue Code §72 governs the income taxation of annuity contracts. This post deals with the estate taxation of annuities. Internal Revenue Code §2039 deals with traditional annuity contracts as well as other types of contractual arrangements under which a decedent was entitled to receive a periodic payment, effectively for life, and upon decedent’s death…

Internal Revenue Code (I.R.C.) Section 2037 requires the inclusion in the gross estate of property which had been transferred by gift during lifetime if — (1) possession or enjoyment of the property by the transferee can be obtained only at or after the transferor’s death, or (2) the decedent retained a possibility (referred to as…

A power of appointment is essentially the right to designate who is to own certain specified property. The essence of the concept can be illustrated through the following simple example: D dies and his will provides that certain rental property which he owned be placed in a trust, from which all future income is to…

The gross estate includes the value of any interest in property transferred by decedent during lifetime, if the enjoyment of the interest was subject to any change through the exercise of a power by the donor to alter, amend, revoke or terminate, which power was in effect as of the date of the donor’s death…

Under Internal Revenue Code §2041 the gross estate includes property as to which decedent held a general power of appointment as of the date of her death. A power of appointment is essentially the right to designate who is to own certain specified property. The person who holds the power technically does not own the…

Internal Revenue Code section §2042 deals with the inclusion in the gross estate, of the proceeds of life insurance policies, payable by reason of the death of the insured. In general, the insurance proceeds are includable in the gross estate if the proceeds are: (i) receivable by or for the benefit of the decedent’s estate,…

Internal Revenue Code §2040 sets forth rules dealing with the extent to which property which a decedent co-owned with one or more other parties is includable in decedent’s gross estate. The rules differ, depending upon the form of joint ownership and whether the co-owners are husband and wife. Tenants In Common Tenancy in common is…

Decedents who died prior to 1982 were subject to a rule requiring that any property transferred by gift within three years prior to the transferor’s death had to be included in the gross estate of the deceased transferor, at its date-of-death value (even though the transferor may have had no ownership interest or retained rights…

The federal estate tax is based upon the decedent’s “gross estate.” While the term “gross estate” refers primarily to the property which the decedent owned as of the date of his death, it includes certain other property with which the decedent had a connection, as discussed in a series of blog posts (see links to…

A transfer to a surviving spouse who is not a U.S. citizen will not qualify for the marital deduction. An exception is made, allowing the marital deduction, in cases where the surviving spouse becomes a U.S. citizen between the date of decedent’s death and the day on which the estate tax return is file, if…