Specified beneficiary
Specified beneficiary
A person who holds an interest as a beneficiary of the trust, either alone or with other persons not dealing at arm's length with that person. The FMV of the interest must be equal to at least 25% of the FMV of the interests of all of the trust's beneficiaries.
Note
A person is deemed to hold an interest as a beneficiary of the trust if that person or a person not dealing at arm's length with the person has a right, whether immediate or future, and whether absolute or contingent, to obtain or acquire an interest as a beneficiary of the trust.