News & Analysis as of November 15, 2024

Income Taxes › Tax Planning › Trustees

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect... more +

Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

[Webinar] New IRS Guidance on Basis Adjustments for Irrevocable Grantor Trusts: Key Issues for U.S. and Non-U.S. Persons - June...

Strafford on 6/3/2024

This CLE/CPE webinar will provide estate planners insight on recently issued IRS guidance regarding basis adjustments for irrevocable grantor trusts. The panelist will discuss key items and challenges stemming from Revenue...more

Recent IRS Decision Threatens Some Irrevocable Trust Modifications

Keating Muething & Klekamp PLL on 2/27/2024

A recent Chief Counsel Advice issued by the IRS has been described by one team of estate planning experts as “the most important IRS ruling in a decade,” and it directly contradicts the prior IRS position on the issue. Should...more

Introducing the GOAT Trust

Patterson Belknap Webb & Tyler LLP on 6/23/2023

The menu of tax planning options for founders includes many strategies designed to minimize income taxes upon liquidity events and to provide for wealth preservation across multiple generations. To achieve those benefits,...more

[Webinar] Trust Planning 101: Grantor Trusts - June 20th, 12:00 pm - 12:45 pm ET

Cohen Seglias Pallas Greenhall & Furman PC on 6/16/2023

Grantor trusts allow for tax deductions on income generated by trust assets whereas non-grantor trusts do not allow for these deductions. It is crucial for people to carefully decide which type of trust is best for their...more

Impact of House Ways and Means Tax Proposals for Trusts, Estates, and Retirement Accounts

Bowditch & Dewey on 9/29/2021

In this second blog post on the House Ways and Means Tax proposals, we address the proposed changes that will affect the taxation of trusts, estates, and retirement plans. As we discussed, on September 13, 2021, the...more

When to Take Advantage of a Spousal Lifetime Access Trust (SLAT)

Bowditch & Dewey on 11/24/2020

Under the Tax Cuts and Jobs Act, in 2020 each person may transfer up to $11,580,000 without incurring a gift or estate tax. This generous exemption amount will sunset at the end of 2025, which means that in 2026, the...more

THE PAPER CHASE

Gerald Nowotny - Law Office of Gerald R.... on 8/28/2020

THE PAPER CHASE - Using the Loan Method of Split Dollar as an alternative to attorney fee deferrals. 1) Defer fees. 2) Once deferred convert fees into tax free income. 3) Reposition in a Structured Settlement Life Insurance...more

[Webinar] US Taxation of Grantor/Non-Grantor Trusts - June 24th, 3:00 pm BST

McDermott Will & Emery on 6/23/2020

Astrid Owen leads this interactive webinar to discuss the US taxation of US beneficiaries and US settlors of non-US trusts. The benefit of using non-US grantor trusts established by a non-US person for US beneficiaries...more

Still Tax, Even Without the Distributed Cash

McDermott Will & Emery on 10/22/2019

The IRS recently issued guidance on the tax treatment, withholding and reporting for required distributions from tax-qualified retirement plans. Plan sponsors should contact their retirement vendors and trustees to ensure...more

Estate Planning Newsletter - December 2016

Hinshaw & Culbertson LLP on 12/23/2016

Hinshaw’s Estate Planning Newsletter includes reports on opportunities and challenges that may impact your estate plan. This publication is designed to keep our clients and friends aware of certain opportunities and...more

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