760 ILCS 3/508

Current through Public Act 103-1052
Section 760 ILCS 3/508 - Lapse of power to withdraw

A beneficiary of a trust may not be considered to be a settlor or to have made a transfer to the trust merely because of a lapse, release, or waiver of his or her power of withdrawal to the extent that the value of the affected property does not exceed the greatest of the amounts specified in Sections 2041(b)(2), 2514(e), and 2503(b) of the Internal Revenue Code.

760 ILCS 3/508

Added by P.A. 101-0048,§ 508, eff. 1/1/2020.