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Tax Law Update

Grantor's power to substitute property may not require inclusion of the property in the grantor's gross estate. There has long been concern that a grantor's power to substitute property of a trust, which may be used to render the trust a grantor trust under Internal Revenue Code Section 675, may cause the trust property to be includible in the grantor's estate under IRC Sections 2036 or 2038. In Revenue

Grantor's power to substitute property may not require inclusion of the property in the grantor's gross estate. There has long been concern that a grantor's power to substitute property of a trust, which may be used to render the trust a grantor trust under Internal Revenue Code Section 675, may cause the trust property to be includible in the grantor's estate under IRC Sections 2036 or 2038. In Revenue Ruling 2008-22, 2008-16 IRB 796 (April, 17, 2008), the Internal Revenue Service

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