General Power of Appointment

General Power of Appointment

General Power of Appointment means:
a power under which the holders of a property have the right to dispose of it in favor of (1) themselves, (2) their estate, (3) their creditors, or (4) the creditors of their estate. A trust grantor is treated as the owner and is therefore taxed on trust income if he or she has the power to control the beneficial enjoyment of the trust corpus or income, without the approval of an adverse party. Former IRC (check if this IRC provision is current here) §2041.


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