Some of the provisions of the SECURE Act 2.0 that need fixing may soon take place.

We may soon learn if it is constitutional for Congress to tax unrealized appreciation, aka impose a wealth tax.

Sometimes we need to remember that ‘once a fiduciary, always a fiduciary’ when it comes to exercising powers delegated under a Trust instrument which in turn invites a bad faith analysis by the courts.

It would be best to identify in a Trust instrument exactly when a trust beneficiary’s lifestyle is to be determined with regard to the direction to a trustee to make discretionary distributions that take into consideration the trust beneficiary’s lifestyle or other financial resources that may be available to the beneficiary.

Traditional, Roth, and inherited IRAs each have their own set of payout rules. It is best to follow a ‘distribution roadmap’ for each IRA and not make assumptions about which set of payout rules to different IRAs.

Philanthropy may well take on a new look in 2024 coming from a variety of sources, by the Department of Treasury regulating donor advised funds (DAFs), Congresses’ effort to curb either contributions to or distributions from DAFs, and even the Supreme Court which will decide whether Congress can tax unrealized earnings, i.e., wealth.

A trustee’s duty to administer a Trust subject to the generation skipping transfer tax requires the determination and management of that Trust’s GST inclusion ratio.

The hoped for delay in the Corporate Transparency Act (CTA) reporting requirements will not occur in light of the November 8 Treasury Department Release. Treasury clearly intends to maintain the existing FinCEN filing deadlines. Moreover, it will require strict compliance with the CTA’s Final Regulations.

Before the new power of attorney law becomes effective, it would be wise to confirm if existing powers of attorney will be accepted by financial institutions.

Charitable remainder trusts (CRTs) are a great way to save income taxes and to support a donor’s favorite charity. However, like any estate planning strategy, there are also traps along the way to be mindful of when funding a CRT.