It may be possible to fix some ‘mistakes’ when a trust is subject to the generation skipping transfer tax.

While we regularly talk about the ‘right’ to obtain an income tax basis step-up on the death of the asset’s owner, it is important to remember that omitted assets, or assets that would have caused a federal estate tax liability but which were not timely reported on a federal estate tax return, may nonetheless carry an income tax basis of $0.00 due to the IRS’s basis consistency rules.

Starting this year a qualified elective deferral retirement plan may have ‘linked’ to it an emergency savings account that has a balance up to $2,500. Employer matching contributions can also be made to this savings account, but the IRS is concerned about employee-participants manipulating the savings account opportunity solely to obtain an employer’s matching contribution.

More and more individuals are cohabiting without the benefit of marriage. This is particularly the case among seniors and retirees. However, we all know how often individuals procrastinate when it comes completing their estate planning documents.

A recent study on donor advised funds may give some in Congress something to think about before it tries to curb perceived ‘abuses’ of donor advised funds.

An IRA can be lost in a criminal forfeiture, which can be just the beginning of the IRA owner’s problems.

One wonders if there will be more deemed taxable gifts when irrevocable trusts are modified considering the IRS’s recent Chief Counsel Advisory.

The academic community continues to debate the question of whether a trust is either a branch of contract law, or a branch of property law. According to others, there are four fundamental legal relationships from which to pick, or perhaps each of which may ultimately be involved in the creation of a trust relationship.

The capacity to execute a non-probate instrument is different than the capacity to execute a Will, which can lead to inconsistent standards that are applied.