It's possible for transfers to a trust to be completed gifts for gift and estate tax purposes, even though that trust may still be treated as a grantor trust for income tax purposes, so that the ...

An early version of the grantor trust rules was enacted in the 1920s. The rules were designed to prevent taxpayers from transferring to a trust income-producing assets that would be taxed at a high ...

On September 13, the U.S. House of Representatives Ways and Means Committee released its markup of the proposed revenue raisers (tax increases) to fund President Joe Biden’s broader “Build Back Better ...

Grantors of Pennsylvania irrevocable trusts may now elect to pay the income taxes on the trusts’ income under the recently signed Act 64 of 2023, provided that such trusts qualify as “grantor trusts” ...

When estate planning, it is critical to know who is the grantor of a trust, as it can significantly impact financial planning and estate strategy. As the individual who establishes a trust, the ...

The IRS has ruled that for federal estate tax purposes a long-used basis adjustment under Sec. 1014 generally doesn’t apply to the assets of an irrevocable grantor trust that aren’t included in the ...

After a summer of relative quiet regarding anticipated tax changes, on September 13, 2021, the House Ways and Means Committee introduced their proposals for tax legislation to help pay for the Build ...

Jack Brister, partner, Montrose Accounting Company, LLC, New York, N.Y. The enactment of the Small Business Job Protection Act of 1996 expanded the differences in grantor trust rules for foreign and ...

Learn about gifts in trust and how they help distribute assets according to the grantor's wishes and protect wealth for future generations.

A provision of the Build Back Better Act threatens to louse up a lot of life insurance plans. The problem is in the provision titled "Special Rule for For Grantor Trusts". In many ways it is a ...