Trust Tax

New IRS Tax Laws Increase Many Trusts' Tax Bills

We recently discussed changes proposed in President Obama’s 2015 budget that would modify Estate and Gift Tax provisions established in the American Taxpayer Relief Act or ATRA, which was passed by Congress in 2013. The proposal, which would take effect in 2018, would restore the Estate, Gift, and Generation-Skipping Transfer (GST) tax rates and parameters…

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New Tax Laws Make Some Trusts' Investment Income Taxable in 2014

An article published on Bloomberg’s website reported on recent changes to the tax laws that make some trusts’ previously-exempt net investment income taxable in 2014. According to the report, Adrienne Mikolashek, an attorney with the IRS Office of Chief Counsel, stated, “Once a trust distributes net investment income to a beneficiary under the Internal…

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Federal Transfer Taxes – Two Tax Structures to Consider

Tax Credit Information at

In addition to federal and state income and capital gain taxes and state inheritance, death and estate taxes that may apply, here are really two separate federal transfer tax structures that may apply when leaving assets to family- the Lifetime Gift & Estate Tax and the Generation Skipping Tax.  The Gift & Estate Tax applies to all gifts. …

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W-9 Form To Apply For A Taxpayer Identification Number (TIN)

Taxpayer Identification Number Requirement

To help you set-up an irrevocable family trust, here are a few IRS links for information about acquiring a Taxpayer Identification Number (TIN) and for downloading the required W-9 form: U.S. Taxpayer Identification Number Requirement Taxpayer Identification Numbers (TIN) Form W-9 (PDF – Rev. August 2013)

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Definition of Irrevocable Trust

An irrevocable trust cannot be changed. It is a trust that, by its terms, can’t be changed except by terms that might be written into the irrevocable trust. It must operate according to whatever are its terms. An irrevocable trust is typically set in a particular jurisdiction: It is considered an independent person under the tax…

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