Washington Code 11.95A.360 – Exercise of power in favor of holder — Income under marital deduction — Spousal power of appointment
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Notwithstanding any provision of RCW 11.95A.350 through 11.95A.375 seemingly to the contrary, RCW 11.95A.350 through 11.95A.375 do not limit or restrict the distribution of income of a trust that qualifies or that otherwise could have qualified for the marital deduction under section 2056 or 2523 of the Internal Revenue Code, those Internal Revenue Code sections requiring that all income be distributed to the spouse of the decedent or of the trustor at least annually, whether or not an election was in fact made under section 2056(b)(7) or 2523(f) of the Internal Revenue Code. Further, RCW 11.95A.350 through 11.95A.375 do not limit or restrict the power of a spouse of the trustor or the spouse of the decedent to exercise a power of appointment described in section 2056(b)(5) or 2523(e) of the Internal Revenue Code with respect to that portion of the trust that could otherwise qualify for the marital deduction under either of those Internal Revenue Code sections.
[ 2021 c 140 § 3607; 1993 c 339 § 9. Formerly RCW 11.95.120.]
NOTES:
Severability—1993 c 339: See note following RCW 11.98.200.
Terms Used In Washington Code 11.95A.360
- Decedent: A deceased person.
- Internal revenue code: means the United States internal revenue code of 1986, as amended or renumbered as of January 1, 2001. See Washington Code 11.02.005
- Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
- Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.
- Trustor: means a person, including a testator, who creates, or contributes property to, a trust. See Washington Code 11.02.005