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New grantor trust reporting regs. offer greater flexibility

Article Abstract:

IRS final regulations issued under IRC section 671 are intended to reduce the reporting burdens placed on trustees for grantor trusts, but the options provided will be of little benefit for trusts other than pre-need funeral trusts. The regulations offer two reporting methods for grantor trusts, which are trusts that are taxable to the owner or grantor because of retained powers. The two methods available for trusts that fall under exceptions to Form 1041 filing are the TIN alternative method and the Form 199 alternative method.

Grantor trusts, Information returns

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Defective grantor trusts offer many tax advantages

Article Abstract:

Intentionally defective irrevocable trusts (IDITs) are a useful estate planning tool because the gift of capital establishing the irrevocable trust is structured so that the transfer is complete as far as federal estate and gift taxes are concerned. Capital in an IDIT is no longer part of a donor's estate, but the donor pays the income tax on the trust income. The paid income tax becomes an additional transfer to the beneficiaries of the IDIT and is not taxed later as a gift.

Methods, Estate planning

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The impact of choice of trustee and powers of grantor and beneficiary

Article Abstract:

The author discusses issues regarding trust tax planning, including the international mobility of trustees, global investment management, and preserving domestic trust status.

United States, Tax planning

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