Income taxation of trusts in California
The California Superior Court determined that all income, including California-source income, is subject to the apportionment formula.
Trusts
Reporting foreign trust and estate distributions to U.S. beneficiaries: Part 3
This last article in a three-part series contains an analysis of the tax reporting of the net income distribution to a U.S. beneficiary of a foreign nongrantor trust.
Reporting foreign trust and estate distributions to U.S. beneficiaries: Part 2
Part 2 of this three-part series analyzes legal and beneficial ownership concepts as applied to a trust or estate created and administered in a foreign common law jurisdiction in contrast to a civil law jurisdiction.
Foreign trust DNI, UNI, and the throwback rules: Important tax planning strategies
Foreign nongrantor trusts with U.S. beneficiaries have always been highly regulated under the throwback rules .
Reporting foreign trust and estate distributions to U.S. beneficiaries: Part 1
Part 1 (of three) explains the classification criteria of a foreign nongrantor trust or foreign estate for U.S. tax purposes and the proper information reporting after U.S. taxes are withheld.
Recent developments in estate planning: Part 2
This second of a two-part article discusses GST tax and trust tax developments, as well as tax reform proposals and inflation adjustments for 2017.
Disclaimers as a fix for old trusts
The use of a disclaimer by a trust beneficiary may be helpful to adjust the results of a previously established irrevocable trust.
Estate planning for blended families
This column discusses AB trusts and ABC trusts.
Sale of a residence in a QPRT
This item explores what happens if the residence is sold during the QPRT term.
Recent Developments in Estate Planning: Part 2
This is the second part of a two-part article examining developments in estate, gift, and generation-skipping transfer tax, and trust income tax.
How the COD Rules Apply to Grantor Trusts and Disregarded Entities
New regulations provide rules for determining who is the “taxpayer” for purposes of applying the Sec. 108 discharge-of-indebtedness rules to a grantor trust or disregarded entity.
Post Initial Trust Term QPRT Considerations
The end of a QPRT’s initial trust term brings with it many potential issues.
Final Regulations Clarify COD Rules for Grantor Trusts and Disregarded Entities
The IRS finalized regulations that provide rules for determining who is the “taxpayer” for purposes of applying the Sec. 108 discharge-of-indebtedness rules to a grantor trust or disregarded entity.
Consider Combining the Tax Benefits of a Preferred Family Limited Partnership With a GRAT
Certain high-net-worth clients might achieve better results by using a preferred family limited partnership rather than an intentionally defective grantor trust or a grantor retained annuity trust.
Recent Developments in Estate Planning (Part 2)
This is the second of a two-part article examining developments in estate, gift, trust, and generation-skipping transfer taxes between June 2014 and May 2015.
Final Regulations Prevent Manipulation of Trust Uniform Basis Rules to Avoid Gain
The regulations are designed to prevent transactions in which trust grantors receive the value of their term interest without recognizing taxable gain.
Using a Crummey Trust to Preserve Gift Tax Exclusion
In the typical Crummey trust, a periodic contribution of assets to the trust is accompanied by an immediate withdrawal power that gives the beneficiary the right to withdraw the contribution for a limited time.
Recent Developments in Estate Planning: Part 2
This is the second in a two-part article examining developments in estate, gift, and generation-skipping transfer tax and trust income tax between June 2013 and May 2014. This article covers trust developments, the taxation of trusts under the new 3.8% net investment income tax, President Barack Obama's estate and gift tax proposals, and inflation adjustments for 2014.
Keeping Up With Increasingly Mobile Clients: Navigating U.S. Tax Reporting for U.S. Persons With Ties to Foreign Trusts
Despite the significant efforts of tax advisers to ensure their U.S. clients understand and comply with required tax and information-reporting forms on U.S. trust relationships, all too often transactions go unreported, even though penalties in these cases can be quite severe.
Fiduciary Fee Unbundling Rules Delayed Until 2015
In response to a comment that the current effective date of the new rules on fiduciary fees does not give fiduciaries enough time to implement them, the IRS amended T.D. 9664 to delay the date.
