incidents of ownership การใช้
- "If the owner prefers to keep the pot unless you will buy his tea, I cannot see, in allowing him the right to do so, anything more than an ordinary incident of ownership ."
- In the US, life insurance will be considered part of a person's taxable estate to the extent he possesses " incidents of ownership . " Estate planners often use special irrevocable trusts to shield life insurance from estate taxes.
- However, if the decedent holds any incidents of ownership like the ability to remove or change a beneficiary, the proceeds will be treated as part of his estate and will generally be subject to the U . S . Federal estate tax.
- Under United States estate tax provision, " devolution " may occur when a deceased obtains " incidents of ownership " under the Estate Tax Regulation 20.2042-1 ( c ) 2 in a fiduciary capacity from an independent transaction creating a trust for benefit of another party.
- Life insurance proceeds are generally included in the gross estate if the benefits are payable to the estate, or if the decedent was the owner of the life insurance policy or had any " incidents of ownership " over the life insurance policy ( such as the power to change the beneficiary designation ).
- Since the trustee of the insurance trust possesses all incidents of ownership in the insurance policy, the insurance trust provides the insured's estate with liquidity while shielding the insurance proceeds or assets purchased with the proceeds from estate tax when the insured dies, provided the trust has the appropriate settlor and trustee.
- However . " Changes in the third set of agreements, made in 1941 after the Government had instituted suit and admittedly impelled by the pending action, placed more of the incidents of ownership on Masonite, thus bringing relationship between manufacturer and distributor more in line with that of the " General Electric " case ."
- That effect occurs " only to the extent of the desire for the teapot or film feeder, and if the owner prefers to keep the pot or the feeder unless you will buy his tea or films, I cannot see, in allowing him the right to do so, anything more than an ordinary incident of ownership ."