N.Y. Estates, Powers and Trusts Law 7-6.4 – Transfer by gift or exercise of power of appointment
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§ 7-6.4 Transfer by gift or exercise of power of appointment
Terms Used In N.Y. Estates, Powers and Trusts Law 7-6.4
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
A person may make a transfer by irrevocable gift to, or the irrevocable exercise of a power of appointment in favor of, a custodian for the benefit of a minor pursuant to 7-6.9.