Trustees are held to fiduciary standards. One of the fiduciary standards that trustees are held to is the Prudent Investor Rule.
A trust protector has significant power over trust administration. When critical matters hinge on one party, it's important to consider how a trust protector will be replaced if and when the time comes.
Limited options remain for late portability elections, but some estates may be eligible. A number of Private Letter Rulings have highlighted late portability election approvals.
The Net Investment Income Tax may be repealed at the end of 2017. Two proposals released by the Joint Committee on Taxation in March 2017 advise removal of the 3.8 percent NIIT, which has been in effect since 2013.
Domestic Asset Protection Trust statutes have been enacted in numerous jurisdictions over the past decade. Understanding the flexibility and restrictions pertaining to DAPTs within each state can help individuals select an ideal jurisdiction for their asset management needs
The DOL proposed to amend regulations governing the actions of fiduciaries. The new fiduciary rule takes effect this year. The fiduciary rule may affect IRA trustees and custodians of IRA trusts.
The pending phase-out of the stretch IRA has many account owners and advisors reviewing existing plans. The end of the stretch IRA would impact Standalone Retirement Trusts.
The IRS released a Private Letter Ruling last month that ruled in favor of retroactive trust modification. Here are a few factors to consider with this case involving tax benefits associated with modification of irrevocable trusts.
â€‹In case you missed it, TrustCounsel launched a collection of legal resources in January 2017. Created to enlighten individuals and legal practitioners on critical matters that surface in trust and estate administration, the Legal Library will be updated on a regular basis to address contemporary issues pertaining to probate, trusts, and related tax matters.
The IRS recently issued Notice 2017-12 describing new procedures for closing federal estate tax returns. Estate tax closing letters are not recognized as a formal closing agreement. Taxpayers must request a transcript.