No Gross Estate Inclusion For Modified Trusts.

The  IRS issued a ruling on a set of facts involving a proposal to modify three trusts.  The IRS determined that the modifications would not cause the trusts' property to be included in the settlor's gross estate by virtue of either I.R.C. Sec. 2036 or 2038 because the settlor did not retain any possession or enjoyment of, or the right to income from, property transferred to trusts.  In addition, the IRS noted that the settlor could only participate in the trusts' modifications with the consent of the beneficiaries.  Priv. Ltr. Rul.s 201417001 and 201417002 (Dec. 10, 2013).

CALT does not provide legal advice. Any information provided on this website is not intended to be a substitute for legal services from a competent professional. CALT's work is supported by fee-based seminars and generous private gifts. Any opinions, findings, conclusions or recommendations expressed in the material contained on this website do not necessarily reflect the views of Iowa State University.

RSS​ Facebook Twitter