For all purposes under this chapter and IC 30-4-5-26 , this section applies only to a lifetime or inter vivos transfer of property to a trust or similar arrangement under which the spouse of the transferor is granted a limited power of appointment ("earlier power") that can be exercised during the spouse's lifetime or upon the spouse's death to create a subsequent limited power of appointment or another nonvested property interest. The exercise of the earlier power or another nonvested property interest is considered to have been created at the time of the creation of the earlier power by the transferor.

As added by P.L.105-2026, SEC.11.