I Hate the Trustee of My ILIT!
- Choosing a Family Member as Trustee of an Irrevocable Life Insurance Trust. Cymbal, Kenneth M. // Journal of Financial Service Professionals;Sep2013, Vol. 67 Issue 5, p41
In this article both the nontax and tax considerations involved in selecting a family member to act as trustee of an irrevocable life insurance trust are explored. After comparing the relative nontax merits of using a family member trustee versus a professional trustee, the specific estate,...
- IRS crackdown on abusive trusts. Slott, Edward A.; Kramer, Eric M. // CPA Journal;Nov97, Vol. 67 Issue 11, p65
Reports on a major enforcement initiative of the US Internal Revenue Service which targets abusive trusts. Tax scheme by trusts under investigation; Fundamental principle of tax law used to justify the crackdown; Five types of trust that will be investigated.
- Profit-Sharing Plan Buys Annuity. // Practical Accountant;Jan2003, Vol. 36 Issue 1, p14
Highlights the U.S. Internal Revenue Service's ruling that a trustee of a trust associated with a profit-sharing plan can purchase a nontransferable variable annuity contract with distributions.
- IRS Says No to Grantor Trust Status. // Federal Tax Course Letter;May2013, Vol. 27 Issue 5, p14
The article focuses on the conclusion by the U.S. Internal Revenue Service (IRS) on the grantor trust status of a grantor, who made a trust to benefit himself and his family members. It says that the grantor required the trustee to distribute net income and principal to the grantor to his family...
- Margin-Financed Securities Trigger UBTI. // Practical Accountant;Jun2000, Vol. 33 Issue 6, p14
Reports on the United States Internal Revenue Services' (IRS) ruling in the tax case involving the purchase of securities on margin by a trust created for the benefit of the University of New Haven. Case background; Debt-financed property under Section 514(b)(1) of the tax code.
- Tax Law Update. Handler, David A.; Lothes, Alison E. // Trusts & Estates;Apr2009, Vol. 148 Issue 4, p11
The article discusses recent rulings affecting taxation laws. In Technical Advice Memorandum 200907025, the Internal Revenue Service (IRS) ruled that the decedent has a general power of appointment over a trust as opposed to the estate's position that the decedent had a power of appointment only...
- Unveiling the 'QPRT' Magic: A close-up of the numbers behind the Qualified Personal Residence Trust. Stemmy, Thomas J. // National Public Accountant;Nov2000, Vol. 45 Issue 9, p16
Describes the qualified personal residence trust (QPRT), an arrangement that allows an individual to transfer his or her primary residence to a trust and retain the right to live in the property for a stated number of years. Regulation of the United States Internal Revenue Service (IRS) on QPRT...
- New guidance on QDOTs issued. // Practical Accountant;Jan97, Vol. 30 Issue 1, p20
Reports on the issuance by the US Internal Revenue Service of final regulation that ensure collection of the estate tax imposed under Section 2056A(b). Dealing with qualified domestic trusts; Allowance of marital deduction in certain circumstances with the involvement of a non-U.S. citizen...
- Airport and Airway Trust Fund Excise Tax Procedures. // GAO Reports;11/7/2012, p3
The article outlines the Airport and Airway Trust Fund (AATF) excise tax procedures. It details the procedures on transactions that represent the underlying basis of amounts distributed to the AATF, as well as the procedures on the U.S. Internal Revenue Service's (IRS) quarterly AATF receipt...