News
Considerations for intergenerational split-dollar arrangements
4+ day, 10+ hour ago (1014+ words) Families with significant estate tax exposure may consider intergenerational split-dollar (IGSD) arrangements, where the senior generation loans funds to a trust to purchase life insurance on children for the benefit of grandchildren. An IGSD arrangement is a variation on a…...
Estate planning in a post-OBBBA world
4+ day, 10+ hour ago (203+ words) Editor: Alexander J. Brosseau, CPA Definitive change arrived on July 4, 2025, when Trump signed the law commonly referred to as the One Big Beautiful Bill Act (OBBBA), H.R. 1, P.L. 11921, which permanently set the BEA and generationskipping transfer tax (GSTT) exemption at $15 million for transfers…...
Trust distributions in kind and the Sec. 643(e)(3) election
2+ mon, 4+ day ago (852+ words) The Sec. 643(e)(3) election allows the fiduciary to treat an in'kind distribution as if the trust or estate had sold the property to the beneficiary at its fair market value (FMV) at the time of distribution, potentially triggering a taxable gain…...
IRS rules that community trust and affiliated nonprofit corporation can file a single Form 990
2+ mon, 4+ day ago (343+ words) Editor: Susan M. Grais, CPA, J.D., LL.M. Regs. Sec. 1.170A9(f)(11)(iii) requires an organization to be commonly known as a community trust, fund, foundation, or other similar name showing the fund supports charitable activities in the community or area it serves. Regs. Sec. 1.170A9(f)(11)(iv) requires all…...
How a CPA and wealth adviser partnership can guide families through transition
4+ mon, 4+ day ago (271+ words) Q How common is widowhood, and why does that matter for proactive planning? A It's more prevalent and often emerges earlier than many realize. According to the U.S. Census Bureau, the average age of widowhood in the United States is approximately…...
Recent developments in estate planning
5+ mon, 4+ day ago (1674+ words) This annual update summarizes key changes advisers need to be aware of to ensure their clients" estate plans remain effective and in line with their intentions. It covers developments in the estate planning area from July 2024 through June 2025. Although the…...
Powers of attorney for partnerships
9+ mon, 4+ day ago (190+ words) The bill contains many tax provisions beyond extending portions of the Tax Cuts and Jobs Act. It now goes to President Donald Trump for his signature. Editor: Mary Van Leuven, J.D., LL.M. Tax practitioners need a valid Form 2848, Power of Attorney and…...
ING trusts: How they work and their continued viability
10+ mon, 4+ day ago (1417+ words) In the context of trusts, CPAs may have heard someone mention WINGs, DINGs, or NINGs. This article aims to explain the advantages, requirements, and potential drawbacks of these trusts for estate planning purposes. The Treasury regulations state that a gift…...
Limiting the unlimited charitable deduction for trusts
10+ mon, 4+ week ago (162+ words) Step 3. Apply limitation to portion allocable to UBI: Finally, the trust will apply the Sec. 170 limits to the amount allocated to UBI in step 2. Any excess amount is disallowed as a charitable deduction (Regs. Sec. 1.681(a)-2(b)(3)). Example: A trust had the…...
Adequate disclosure on gift tax returns: A requirement for more than gifts
10+ mon, 4+ day ago (260+ words) Editor: Jeffrey N. Bilsky, CPA Taxpayers may be subject to the risk that an IRS examination could increase (or create) a gift tax or estate tax liability many years after a gift is made. Practitioners can help clients limit this risk…...