New IRS Guidance for Irrevocable Grantor Trusts

New IRS Ruling Regarding Irrevocable Trusts and Step-Up in Basis

If the trust sold the stock, capital gains would be calculated based on your original basis of $10,000. Why Don't Irrevocable Grantor Trusts Get ...

Recent CCA raises concerns for irrevocable grantor trust modifications

In Chief Counsel Advice memo (CCA) 202352018, released Dec. 29, 2023, the IRS determined that the addition of a discretionary reimbursement ...

Abusive trust tax evasion schemes - Questions and answers - IRS

For tax purposes an irrevocable trust can be treated as a simple, complex, or grantor trust, depending on the powers listed in the trust ...

Irrevocable Grantor Trusts | Revenue Ruling 2023-2 | OH IN KY

The IRS has issued Revenue Ruling 2023-2, which states that upon the grantor's death, assets held in the trust are not eligible for step-up in basis treatment.

New IRS Tax Rule affects Irrevocable Trusts in Estate Planning

With the new IRS rule, assets in an irrevocable trust are not part of the owner's taxable estate at their death and are not eligible for the ...

IRS: No step-up in basis for assets in Irrevocable grantor trust

Per IRS Revenue Ruling 2023-2, for assets that were conveyed to an irrevocable grantor trust, there is no “step-up” in tax basis at the ...

IRS Changes Could Rewrite Your Inheritance Strategy: What to Know

How IRS Rule Change Impacts Irrevocable Trusts ... Previously, the IRS granted the step-up in basis for assets in an irrevocable trust but the new ...

IRS Rule on Irrevocable Trusts - Trust & Will

As explained earlier, any assets transferred to an Irrevocable Trust are no longer part of the Grantor's estate. Beneficiaries of Irrevocable Trusts could be ...

IRS Reverses Course on Grantor Trust Tax Reimbursement Clauses

A new IRS legal memorandum concludes that modifying a grantor trust to add a tax reimbursement clause constitutes a taxable gift by the trust beneficiaries to ...

IRS Reverses Position on Modifying Irrevocable Grantor Trusts

The IRS recently issued Chief Counsel Advice 202352018 (the “CCA”), in which it has explicitly stated that the conclusion reached in PLR ...

The IRS Ruling on Modifying a Grantor Trust | CCA 202352018

The IRS Chief Counsel Advice 202352018 released at the end of 2023, ruled that trust beneficiaries have made a taxable gift by consenting to modify a grantor ...

Changes in How Trusts are Taxed - Elder Law Practice of David L ...

The tax liability, however, can be shifted to – or more properly retained by – the Grantor (the person creating the trust) if the Grantor ...

Recent IRS Decision Threatens Some Irrevocable Trust Modifications

In the waning days of 2023, the IRS issued Chief Counsel Advice 2023-52-018 (the “CCA”), concluding that a modification to an irrevocable ...

Abusive Trust Tax Evasion Schemes Special Types of Trusts - IRS

In a grantor retained annuity trust, the grantor creates an irrevocable trust and retains the right to receive, for a specified term, an annuity ...

IRS Guidance Irrevocable Grantor Trust Assets

Internal revenue service IRS issues guidance for Assets Held by an Irrevocable Grantor Trust, disallowing generous tax treatment.

New IRS Ruling: Can't Modify A Trust To Add A Tax Reimbursement ...

Grantor irrevocable trusts are the foundation of most modern estate planning. These are trusts that are disregarded or ignored for income tax ...

Rev. Rul. 2023-2's impact on estate plans - The Tax Adviser

The IRS concluded that no step-up in basis is available for assets in an irrevocable trust where the individual creating the trust retains a ...

Grantor Trust Rules: What They Are and How They Work

Grantor trust rules are guidelines in the Internal Revenue Code (IRC) that outline certain tax implications of a grantor trust. These rules ...

IRS Clarifies Step Up in Basis Rules for Grantor Trusts - KLR

Do you have an irrevocable grantor trust? The IRS has clarified that if the assets of such trusts are not included in a grantor's gross estate ...

IRS Disallows Step-Up in Tax Cost Basis for Assets Held by an ...

IRS Disallows Step-Up in Tax Cost Basis for Assets Held by an Irrevocable Grantor Trust ... Under current law, assets acquired from a decedent ...