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Grantor’s power to substitute insurance policy won’t cause inclusion in estate

Revenue Rule 2011-28 concludes that an individual’s retention of the power, exercisable in a nonfiduciary capacity, to acquire an insurance policy on his life held by a trust he created by substituting other assets of equivalent value won’t cause the value of the policy to be includible in his gross estate under Code Sec. 2042.

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The tax attorneys at the Beliveau Law Group provides legal services for federal and state tax law as well as tax returns. The law firm has offices and attorneys in Naples, Florida; Boca Raton, Florida; Danvers, Massachusetts; Waltham, Massachusetts; Quincy, Massachusetts; Manchester, New Hampshire and Salem, New Hampshire.

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