The use of a disclaimer by a trust beneficiary may be helpful to adjust the results of a previously established irrevocable trust.
Taxation of Estates and Trusts
In a taxpayer-friendly development, the IRS issued guidance permitting certain estates to make a late portability election if they did not make a timely election.
This column discusses AB trusts and ABC trusts.
This article discusses the rules governing the effects of lapses and restrictions on voting or liquidation rights of owners on the valuation of family-held entities.
This item explores what happens if the residence is sold during the QPRT term.
The IRS provided the procedures same-sex married couples should use to recalculate the transfer-tax treatment for property transferred to spouses.
The ability to obtain relief ensures that an individual’s GST exemption can be allocated correctly to certain transfers in trust.
An exception to the prohibition on indirect self-dealing can enable executors and families of decedents to conduct certain transactions with foundations without triggering penalties associated with self-dealing.
Because it no longer automatically issues an estate tax closing letter, the IRS announced that an account transcript can substitute for a closing letter.
The IRS spelled out the procedures same-sex married couples should use to recalculate the transfer-tax treatment for property transferred to spouses before the U.S. Supreme Court invalidated Section 3 of the Defense of Marriage Act.
Account transcripts that contain a specific transaction code and wording can serve as the equivalent of an estate tax closing letter.
For estates, fraud loss need only to have arisen from theft to qualify for a theft deduction.
IRS issued the annual inflation adjustments for 2017 for more than 50 tax provisions as well as the 2017 tax rate tables for individuals and estates and trusts.
An estate could take a theft loss deduction where a Ponzi scheme rendered an interest in an LLC the estate owned worthless.
The IRS will treat a QTIP election as valid in certain situations, including where an executor of an estate makes a portability election to transfer the decedent’s unused applicable exclusion amount.
This article discuses how transfer-tax rules for noncitizen spouses differ from the transfer-tax rules that apply to spouses who are U.S. citizens or residents.
Careful and thoughtful advanced planning can result in substantial tax savings.
Executors and practitioners will have to deal with questions and inconsistencies until the IRS addresses them.
The IRS issued its annual revenue procedure containing inflation-adjusted amounts for the 2017 tax year, affecting over 50 Code provisions, as well as the new tax rate tables for individuals and estates and trusts.
This is the second part of a two-part article examining developments in estate, gift, and generation-skipping transfer tax, and trust income tax.