We have a complete tax update service for CPAs, attorneys, CLUs, CFPs, ChFCs, trust officers and other professional friends. The GiftLaw services are made available to all advisors as a free service. We are available to assist in helping you provide clients with clear and understandable gift illustrations.
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In McDougall v. Commissioner, 163 T.C. 112 (2024), the Tax Court determined that the termination of a QTIP trust and the transfer of assets from two children to their father created taxable gifts. Clotilde McDougall passed away in 2011. The majority of her estate was real estate inherited from her father. In her estate plan, she created a qualified terminable interest property (QTIP) trust. The QTIP trust paid all income to surviving spouse Bruce. The remainder of the trust was to be distributed to her children, Linda M. Lewis and Peter F. McDougall. The value distributed upon termination of the QTIP trust was to be equal to the value of the beneficiary's interest. Surviving spouse Bruce had a limited...
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GiftLaw Pro is a complete charitable giving and tax information service inside the GiftLaw website...
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The GiftLaw Calculator is a planned gifts calculator for professionals that follows the IRS format. Click here to access and run charitable deduction calculations for your favorite gift plan...
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