Powers of Appointment: Helpful But Can Be Treacherous

dc.contributor.author Harl, Neil
dc.contributor.department Iowa State University Digital Repository
dc.date 2018-02-19T06:30:04.000
dc.date.accessioned 2020-06-29T22:57:30Z
dc.date.available 2020-06-29T22:57:30Z
dc.date.embargo 2017-12-19
dc.date.issued 2014-01-03
dc.description.abstract <p>Powers of appointment add additional flexibility to the traditional estate planning tools but the various powers need to be approached with care and examined critically for unexpected consequences.1 Powers of appointment involve powers given to another, usually to control the ultimate disposition of specified property, in contrast with those powers created or retained by a person. General powers of appointment2 are relatively well known and are included in many drafting guides and can be exercised to benefit the holder of the power; so-called “special” powers of appointment sidestep that major feature of general powers; powers limited as to exercise by an “ascertainable standard”3 are distinguished, also, from general powers. A power giving the non-cumulative right to withdraw each year up to the greater of five percent of trust principal or $5,0004 adds an additional element of financial security for the surviving spouse without causing inclusion in the surviving spouse’s gross estate at death but may pose consequences in the year of death for withdrawal rights that had not been exercised in that year.5</p>
dc.identifier archive/lib.dr.iastate.edu/aglawdigest/vol25/iss1/1/
dc.identifier.articleid 2209
dc.identifier.contextkey 11274100
dc.identifier.s3bucket isulib-bepress-aws-west
dc.identifier.submissionpath aglawdigest/vol25/iss1/1
dc.identifier.uri https://dr.lib.iastate.edu/handle/20.500.12876/3705
dc.source.bitstream archive/lib.dr.iastate.edu/aglawdigest/vol25/iss1/1/AgLawDigest_v25n01_01.pdf|||Fri Jan 14 17:51:04 UTC 2022
dc.subject.disciplines Agricultural and Resource Economics
dc.subject.disciplines Agricultural Economics
dc.subject.disciplines Agriculture Law
dc.subject.disciplines Public Economics
dc.title Powers of Appointment: Helpful But Can Be Treacherous
dc.type article
dc.type.genre article
dspace.entity.type Publication
relation.isJournalIssueOfPublication 542d1a6b-3108-4e95-99b0-6794c0b8dfca
relation.isOrgUnitOfPublication d2bcee6c-7cba-4fa7-bd11-543354ce7b1b
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