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HomeNewsBlogLapse of Crummey power need not result in taxable gift if hanging power is used

Lapse of Crummey power need not result in taxable gift if hanging power is used

TRUSTS AND ESTATES
A hanging power, whereby the “taxable” part of a beneficiary’s power to invade corpus is carried over until it becomes nontaxable, can avoid gift tax consequences, but is likely to meet IRS opposition. This article examines the future use of hanging powers and alternatives to such powers.

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