News IRS Ruling for Grantor Irrevocable Trusts
New IRS Ruling for Grantor Irrevocable Trusts: If you have an Irrevocable Trust as part of your estate plan, you should be aware of a new IRS ruling that was issued on November 28, 2023. With this CCA, the IRS has taken the position that a modification to a Grantor Trust, with the beneficiary’s consent, will result in a taxable gift by the beneficiaries. This new CCA may not directly impact your planning, but demonstrates that the IRS is still looking at the tax benefits of Grantor Irrevocable Trusts. So, if you are considering the establishment of an Irrevocable Trust or amending an existing Trust, special care should be given to avoid this issue. A qualified estate planning advisor is key…
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Craig Platt
CLU®, CHFC®, CFP®, LIC | Life Insurance Advisor
Since 1993, Craig has worked extensively in the life insurance, employee benefits and investment areas at Rose Street where he assists clients in designing, implementing and monitoring their programs. In free time, Craig enjoys watching college football, traveling and golfing.
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