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KRISTIN L. ZOOK, A Not-So-Crummey Way to Avoid Taxes: A Call for Congressional Action to Eliminate Abuse of the Present Interest Requirement, 58 Syracuse Law Review 583 (2008)KRISTIN L. ZOOK, A Not-So-Crummey Way to Avoid Taxes: A Call for Congressional Action to Eliminate Abuse of the Present Interest Requirement, 58 Syracuse Law Review 583 (2008)

In A Not-So-Crummey Way to Avoid Taxes: A Call for Congressional Action to Eliminate Abuse of the Present Interest Requirement, Kristin L. Zook makes an interesting contribution to the existing catalogue of suggested reforms to the annual gift tax exclusion's present interest requirement. At the same time, she provides a useful history of the development of the scope of the exclusion and of the definition

Carlyn S. McCaffrey, Partner

February 1, 2009

6 Min Read
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CARLYN S. MCCAFFREY

In “A Not-So-Crummey Way to Avoid Taxes: A Call for Congressional Action to Eliminate Abuse of the Present Interest Requirement,” Kristin L. Zook makes an interesting contribution to the existing catalogue of suggested reforms to the annual gift tax exclusion's present interest requirement. At the same time, she provides a useful history of the development of the scope of the exclusion and of the definition of present interest.

The annual gift tax exclusion permits a donor to make annual gifts of up to $13,000 to unlimited numbers of individuals.1 The only requirement is that the gifts consist of present interests in property. Congress permitted the annual exclusion in 1932 “to obviate the necessity of keeping an accoun...

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About the Author

Carlyn S. McCaffrey

Partner, McDermott Will & Emery LLP

 

Carlyn S. McCaffrey is a partner in the law firm of McDermott Will & Emery LLP and is co-head of the private client practice in the Firm’s New York office. Carlyn frequently lectures on subjects relating to tax law, trusts and estates, foreign trusts and matrimonial law. She also writes extensively on these topics, and is the co-author of “Structuring the Tax Consequences of Marriage and Divorce” Carlyn is a fellow and a past president of the American College of Trust & Estate Counsel, a fellow of the American College of Tax Counsel, a member of the International Academy of Trust & Estate Counsel and a member of the Joint Editorial Board for Uniform Trust and Estate Act of the National Conference of Commissioners on Uniform Laws.