Impact of the generation-skipping tax on trusts using Crummey powers

Article Abstract:

Issues related to the application of the generation-skipping tax to gratuitous transfers to an irrevocable trust containing Crummey withdrawal powers are discussed. Rules covering gift tax compliance and qualification for the annual gift tax exclusion are addressed.

Taxation, Crummey trusts

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Coping with the complexity of separate shares under the final Regs

Article Abstract:

The author discusses IRS final regulations under IRC section 663(c) which apply the separate share rule of income tax accounting to decedents' estates as well as to trusts.

Tax Law, Public Finance Activities, Estate Planning, Tax accounting, Accounting and auditing, Decedents' estates, Trusts and trustees, Trustees, Trusts (Law)

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Planning to minimize generation-skipping tax: tools and traps

Article Abstract:

The author discusses tax planning issues concerning the generation-skipping tax. Several traps and planning strategies are included.

Planning, Tax exemption, Tax exemptions

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