easy · Certified Financial Planner Professional Conduct
The Hartwell household established a trust for their children and included a Crummey power to allow contributions to qualify for the annual gift tax exclusion.
To avoid triggering a taxable lapse of a power of appointment for the beneficiaries, the withdrawal power should be restricted to the greater of which two amounts?
- 5,000 or 5% of trust assets.
- 19,000 per beneficiary.
- The total value of the gift regardless of size.
- 10,000 or 10% of trust assets.
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