I need to know if this is legal. I went into buy a new car on Saturday 05/19/2012. They did not have the car I....
The first thought that comes to mind is the statute of frauds. U....
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5/23/2012 21:59
by stlmunns |
Notification given by me, with a disinterested witness, that tenant has to return property on or before a spec....
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5/23/2012 19:45
by anothermalandlord |
I work for a nonprofit. They have just announced that each of us must now 'volunteer' at one of our programs o....
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5/23/2012 12:26
by MassWorker |
Hello. My brother was injured in a fall at a store in Massachusetts and the thing ended up in a local small n....
The issue is controlled,or is supposed to be controlled, by the Massac....
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5/22/2012 07:24
by JeromeW |
I am sole guardian for my special needs child. They have visitation with their father. He is not communicating....
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5/21/2012 07:48
by melelllan |
We have been awarded a $200,000 judgement in a probate matter that has gone on for years. The execeutor of my ....
I understand your desire to get a second opinion on this matter. ....
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5/20/2012 16:20
by massconfusion27 |
I received a Summons in the Mail to appear in Court in June for a B & E misdemeanor. I went to the Police Depa....
The answers to your questions are as follows: (1) The police departmen....
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5/19/2012 22:26
by completelyconfused |
The Massachusetts Public Health Council just approved new regulations (105 CMR 309) intended to give healthcar....
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5/18/2012 10:42
by The Editor |
My brother is the power of attorney for my elderly mother. She is demented and often confused about her finan....
Yes, nothing to worry about. The terms Power of Attorney and Att....
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5/14/2012 06:51
by AABates |
Hello. In Massachusetts let’s say I’m paying say $8,000 a year in Child Support to 23. Under the agreemen....
If your Agreement says you should pay child support until the child is....
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5/4/2012 22:18
by divorced_with_children |
Several of my colleagues will dictate consultation notes in which they state they don't have the complete hist....
The question probably boils down to whether or not such practice is wi....
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10/2/2011 18:37
by Anonymous |
Power of appointment
In a nutshell, when someone transfers real estate to children or others with a special power of appointment, they do so with a deed that allows them to transfer ownership (again), even after the original grantor has recorded the deed. In essence, the grantee, your friend in this case, has retained the right to change his mind and convey the property to someone else. I certainly cannot say whether a special power of appointment will serve any useful purpose for you, but you can certainly talk to your estate planning attorney about it. Good luck.
Special power of appointment in Massachusetts
A Special power of appointment (sometimes called a "limited power of appointment") can be a very helpful planning device. In general, in order to remove property from your taxable estate you have to make a complete and final gift. The most common example might be with regard to a parcel of real estate. To give a very simplistic example: You can gift a parcel of real estate to a child and as long as you do not hold onto any of the "incidents of ownership" (the right to use the property would be one example), then the gift will be final and the value of the property will not be included in your taxable estate.
But what if - subsequent to the gift - the child got divorced, developed a substance abuse issue, became estranged from the family, or died before you? You may wish that you had the ability to undo the gift. A special power of appointment allows you to do just that, without throwing the property back into your taxable estate. So if the deed to the child included language that indicated that you, as grantor, retained the right to re-direct the property to another child (a special power of appointment), then you would be able basically alter your gift to take into account changes in the family situation, tax law, etc, etc.
As with any gift planning, you have to proceed with caution. Sometimes gifting makes sense, and sometimes it does not. Sometimes gifting with a retained special power of appointment is a great idea, and sometimes not. So consult with your advisor, and proceed with caution!
Attorney Peter Bernardin