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.
Senate Bill 446 was introduced to the Senate in late February. The bill, the Constitutional Concealed Carry Reciprocity Act of 2017, would implement concealed carry reciprocity nationally for certain firearms.
Still relatively new to domestic trusts, trust protectors can be traced back to early implementation in offshore trusts. Here is a brief timeline of trust protectors.
Certain tax forms are required for estates and trusts that earn income. The executor or trustee is responsible for identifying necessary forms, completing proper accounting, and filing and paying any tax due by the deadline.
While trusts may minimize liabilities that could compromise trust assets for beneficiaries, the party responsible for administering the trust carries their own risks. Trustees bear tremendous personal liability.
Last year, the DOL issued a new rule regarding fiduciaries of retirement accounts that will start to apply to providers in less than five months. Now financial service providers are implementing changes to ensure future compliance.