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ARTICLE I. RETAINED INTEREST

Internal Revenue Bulletin 2003-23 · 2026-10-03 edition · updated 2026-10-04 · United States

AND IRREVOCABILITY

A. Retained Interest . The Transferor intends to establish a qualified personal residence trust within the meaning of Rev. Proc. 2003–42, § 2702(a)(3)(A) of the Internal Revenue Code (hereinafter “the Code”), and § 25.2702–5(c) of the Gift Tax Regulations (hereinafter “the regulations”). Accordingly, the Transferor retains no right, title, or interest in any trust asset except as specifically provided in this trust instrument.

B. Irrevocable . This trust is irrevocable and therefore may not be modified, amended, or revoked by the Transferor or any other person. Notwithstanding the preceding sentence, however, the Trustee shall

have the power, acting alone, to amend the trust to the extent provided in § 25.2702– 5(a)(2) of the regulations (or any subsequent regulation or statute) in any manner required for the sole purpose of ensuring that the trust qualifies as a qualified personal residence trust for purposes of § 2702(a)(3)(A) of the Code and § 25.2702– 5(c) of the regulations (including with respect to the grantor retained annuity trust (“GRAT”) administered under Article III, the qualification of the annuity interest under § 2702(b)(1) of the Code and § 25.2702–3 of the regulations).

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▸Contents — Internal Revenue Bulletin 2003-23
Internal Revenue Bulletin 2003-23

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