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.

Planning with qualified disclaimers, and sometimes even non-qualified disclaimers, can produce interesting transfer tax results. This is especially the case with a disclaimer of an income interest in a QTIP Trust.

When counselling a married couple be mindful of the ‘widow’s penalty’ which might lead the couple to seriously consider a Roth IRA conversion.

Congress can no longer ignore the spread between Social Security and Medicare benefits and the payroll taxes needed to pay for those federal entitlement programs.