Illinois Compiled Statutes 760 ILCS 20/5 – Transfer by Gift or Exercise of Power of Appointment
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Terms Used In Illinois Compiled Statutes 760 ILCS 20/5
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
A person may make a transfer by irrevocable gift to, or the irrevocable exercise of a power of appointment in favor of, a custodian for the benefit of a minor pursuant to Section 10.