In establishing and funding an irrevocable trust, a common question is who is responsible for the income tax liabilities associated with the trust? Many individuals assume that the trust is a separate ...

The IRS has ruled that for federal estate tax purposes a long-used basis adjustment under Sec. 1014 generally doesn’t apply to the assets of an irrevocable grantor trust that aren’t included in the ...

An irrevocable trust, on the other hand, may be the better choice if your priority is reducing taxes and protecting assets.

The Internal Revenue Service issued a revenue ruling that aims to curb the abuse of stepped-up basis adjustments in irrevocable grantor trusts. Revenue Ruling 2023-02, issued Wednesday by the IRS ...

Estate planning is critical to preserving generational wealth. For many families, a living trust can streamline the process of transferring wealth after you die by eliminating probate and minimizing ...

When it comes to safeguarding your assets and ensuring a smooth transfer of wealth, the decision between creating a trust or ...

The current tax landscape presents significant opportunities. On July 4, President Donald Trump signed the “One Big Beautiful Bill Act” into law, making many provisions of the Tax Cuts and Jobs Act ...

In March, the Internal Revenue Service handed down a revenue ruling that will affect the way assets in an irrevocable grantor trust are treated for estate tax purposes, getting rid of a popular ...