Future Interest

Future Interest means:
reversions, remainders, and other interests or estates, whether vested or contingent, and whether or not supported by a particular interest or estate, that are limited to commence in use, possession, or enjoyment at some future date. A legatee to receive an annual income upon reaching age 21 has a future interest that, when that age is reached, will ripen into a present interest. The $10,000 gift tax exclusion does not apply to a future interest gift. Former IRC (check if this IRC provision is current here) §2503(b).