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,...
- 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 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.
- 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...
- Tax Officials Publish Guidance Priority List. Tuckey, Steve // National Underwriter / Life & Health Financial Services;8/15/2005, Vol. 109 Issue 31, p50
Focuses on the inclusion of valuation of estates, Roth individual retirement account distributions, and tax treatment of annuities used in retirement plan withdrawals priority in the Internal Revenue Service in the U.S. Guidance on insurance companies and products; Regulations on retirement...
- Collection. Luttati, Carol M. // Journal of Tax Practice & Procedure;Jun/Jul2014, Vol. 16 Issue 3, p7
The article presents a report from the National Taxpayer Advocate which reveals 70 percent of the total revenue are made up of trust fund taxes collected by the U.S. Internal Revenue Service (IRS) wherein taxes collected by the employers are the backbone of the tax system. It highlights the high...
- FIDUCIARY INCOME TAX. Fisher, Julia B.; Aghdami, Farhad // Tax Lawyer;Jun2002, Vol. 55 Issue 4, p1177
Looks at developments on fiduciary income taxation in the U.S. Provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 on marginal income tax rate reduction for estates and trusts; Regulations published by the Internal Revenue Service regarding the tax treatment of foreign...