The decedent died in 2011, and her surviving husband, as representative of the decedent’s estate, made a QTIP election under IRC Section 2056(b)(7) to treat a $54 million residuary trust as a QTIP ...

Establishing a Crummey trust is something you might consider if you’d like to leave assets to your heirs while avoiding gift taxes. One unique provision of this type of trust is the Crummey power, ...

At the beginning of 2023, the Internal Revenue Service (IRS) increased the amounts individuals can gift free of federal gift and generation-skipping transfer (GST) tax. The amounts now stand at ...

The IRS flipped a stance the agency took seven years earlier on the question of whether certain trust distributions amount to a taxable gift. "The modification to add the tax reimbursement clause will ...

In the Estate of Anenberg, the U.S. Tax Court determined whether the termination of a qualified terminable interest property (QTIP) marital trust for the benefit of a surviving spouse, and the ...

Gifts of qualified small business stock (QSBS) to trusts may provide additional tax savings by increasing the amount of the gain subject to exclusion. The classification of the trust for federal U.S.

An IRS rule proposal could give tax professionals and clients who receive assets through foreign trusts and gifts answers to technical questions they've been posing for decades. The IRS proposal would ...

Individuals spend their entire lifetime building a home, making the right investments, and creating a financial safety net for their family. Yet the question that eventually weighs on almost everyone ...