The Internal Revenue Service has confirmed that the assets of a trust that is a grantor trust for federal income tax purposes do not get a new income tax basis at the death of the grantor merely because the trust … Continue reading
Tag Archives: Grantor trust
In Rev. Rul. 2023-2, ___ I.R.B. ___, the Internal Revenue Service has held that assets held in an irrevocable trust that was a grantor trust do not receive a new basis under I.R.C. § 1014 on the death of the … Continue reading
This is an overview/explanation from Webcalculators. (For additional information about grantor trusts, see “Intentional Grantor Trusts in Pennsylvania.”) … Continue reading
I’ve created a new on-line service that provides specialized calculators for certain estate and tax planning issues. Currently, the following calculators are available: Cost/Benefit of Gifts of Appreciating Property Cost/Benefit of Grantor Trusts Gift Tax on Net-Net Gifts Income Tax … Continue reading
Up until the Tax Reform Act of 1986, grantor trust status was something to be avoided, but thanks to rulings by the Internal Revenue Service, intentionally creating a grantor trust is now an accepted estate and gift tax planning strategy. … Continue reading