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Case Citations [1] (Fall 2024)

handle is hein.ali/respdt9964 and id is 1 raw text is: THE AMERICAN LAW INSTITUTE Fall 2024 Citations PROPERTY 2D DONATIVE TRANSFERS DIVISION II. POWERS OF APPOINTMENT, CLASS GIFTS, AND RELATED MATTERS PART V. POWERS OF APPOINTMENT CHAPTER 12. CREATION OF POWER OF APPOINTMENT § 12.2 Scope of the Donee's Authority Pa.Cmwlth.2023. Cit. disc., quot. in ftn., (citing § 12.2 of T.D. No. 1, 1995, which is now § 12.2 of the Official Text); com. (c) cit. in ftn., com. (f) quot. in ftn. Settlors of a revocable living trust petitioned for review of a state board's assessment of a realty transfer tax on their conveyance of three parcels of real property to the trust as part of their estate plan, arguing that the deletion of a provision from the trust that had disqualified the transfers from a tax exemption was retroactive to a date prior to the transfers and rendered the transfers exempt. This court granted settlors' petition and reversed the board's determination, holding that the transfers were not subject to the transfer tax based on the court-approved modifications, which made settlors' amendment of the trust retroactive to the transfer. The court explained that the state probate code, which incorporated principles from Restatement Third of Property: Donative Transfers § 12.2, permitted a court-approved modification to have a retroactive effect to achieve a settlor's tax objectives, and it was apparent that settlors' joint objective was to avoid the imposition of the tax. Ebersole v. Commonwealth, 303 A.3d 546, 554, 555, 558. COPYRIGHT (02024 By THE AMERICAN LAW INSTITUTE All rights reserved Printed in the United States of America For earlier citations, see the Appendices, Supplements, or Pocket Parts, if any, that correspond to the subject matter under examination.