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Contingent remainder

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contingent remainder n. an interest, particularly in real estate property, which will go to a person or entity only upon a certain set of circumstances existing at the time the title-holder dies. Examples of those potential circumstances include surviving one's brother or still operating the family farm next door. (See: contingent, contingent interest, future interest)

CONTINGENT REMAINDER, estates. An estate in remainder which is limited to take effect, either to a dubious and uncertain person, or upon a dubious and uncertain event, by, which no present or particular interest passes to the remainder-man, so that the particular estate may chance to be determined and the remainder never take effect. 2, Bouv. Inst. n. 1832. Vide Remainder.
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1361(e) states that the following conditions must be met: * All beneficiaries of the trust must be individuals or estates eligible to be S corporation shareholders (except charitable organizations may hold contingent remainder interests); * No interest in the trust may be acquired by purchase--generally, interests must be acquired by gift or bequest; and * The trustee must file an election to be treated as a qualifying trust.
Creative ways of achieving grantor trust status by Day, Sally E. / The Tax Adviser
The Cristofani case represents a divergence from the IRS's strict interpretation; the tax court allowed an annual exclusion for gifts to a trust where the Crummey withdrawal powers were held by a vested contingent remainder men (grandchildren who would be beneficiaries only if their parent predeceased them).
The annual exclusion gift to a person with disabilities: a practical ... by Davidow, Lawrence Eric / The Exceptional Parent
The regulations also broadly define "property" as any beneficial interest in property including a general power of appointment and includes annuities, life estates, term interests, vested or contingent remainders, and other future interests.
Planning to maximize the s. 2013 credit by Stommel, Robert J.; Law, Lester B. / Florida Bar Journal
 
 
 
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