SECTION 3. APPLICATION OF SAFE

HARBOR

.01 In General . With respect to any CRAT or CRUT within the scope of this revenue procedure, S ’s right of election to receive an elective share of G ’s estate, if the share could include any assets of a CRAT or CRUT created or funded by G, will be disregarded for purposes of determining whether the CRAT or CRUT has met the requirements of § 664(d)(1)(B) or (d)(2)(B) continuously since its creation if all of the requirements of section 3 of this revenue procedure are satisfied. For CRATs and CRUTs within the scope of this revenue procedure created by G on or after June 28, 2005, the failure of S to waive the right of election in accordance with

26 CFR § 601.105: Examination of returns and claims for refund, credit, or abatement; determina- tion of correct tax liability. (Also Part I, §§ 664; 1.664–1, 1.664–2, 1.664–3.)

Rev. Proc. 2005–24