Exercising powers of appointment - a simple task or tricky business?

Article Abstract:

The author discusses problems which can arise from the exercise of appointment powers, as illustrated by the Wisconsin case of Lucarelli v. Lucarelli.

Power of attorney, Land titles, Land title registration

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Powers of appointment: more (taxwise) than meets the eye

Article Abstract:

The author discusses estate planning and the federal tax consequences of the power of appointment. Topics include the general power of appointment retained by the donor, the general power granted to another, the special power granted to another, and joint and hybrid powers.

Taxation

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A creative strategy for protecting the home for Medicaid purposes

Article Abstract:

Transferring a principle residence subject to reserved special powers of appointment is an effective means of retaining the tax benefits of home ownership while preparing for Medicaid eligibility. Retaining special powers of appointment ensures that the transfer of the property is not complete for tax purposes, and the capital gains exclusion for persons over 55 and the step-up in basis at death will not be lost. For Medicaid purposes, the completed transaction results in the termination of ownership, despite continued use, and the transferor is eligible within 36 months.

Medicaid, Administration of Public Health Programs, Methods, Planning, Home ownership

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