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Myth Busting the Recent IRS Revenue Ruling on IDGTs: What You Need to Know
Manage episode 407187397 series 3558640
Treść dostarczona przez Jeffrey Bellomo. Cała zawartość podcastów, w tym odcinki, grafika i opisy podcastów, jest przesyłana i udostępniana bezpośrednio przez Jeffrey Bellomo lub jego partnera na platformie podcastów. Jeśli uważasz, że ktoś wykorzystuje Twoje dzieło chronione prawem autorskim bez Twojej zgody, możesz postępować zgodnie z procedurą opisaną tutaj https://pl.player.fm/legal.
A recent revenue ruling by the IRS has caused some confusion. The ruling applies to “intentionally defective grantor trusts” or IDGTs. Bellomo & Associates does not use IDGTs. Instead, the firm uses “irrevocable grantor trusts” or “pure grantor trusts.” The IRS ruling does NOT apply to these types of trusts.
We are committed to using strategies that are based on trusted and legitimate tax and legal principles and we’re pleased to help you understand the complexities of estate planning so that you can make informed choices based on your unique circumstances.
What You Need to Know
(02:04) The recent IRS revenue ruling has nothing to do with the types of trusts we use at Bellomo & Associates.
(03:21) A trust is a contract between three parties: the person who creates it (the grantor), the person who controls it (the trustee), and the person who receives it (the beneficiary).
(09:08) Typically, Jeff advises his clients to keep their assets with the estate rather than placing the assets with the children.
(10:07) Before putting your assets in your children’s names, please make sure that you fully understand the tax, long-term care, and estate planning implications of that decision.
(16:42) The IDGT ruling addresses what seems to be a violation of the basic tenants of tax law in the design of intentionally defective grantor trusts. Bellomo & Associates has stayed away from IDGTs for that very reason.
About Bellomo & Associates
Jeffrey R. Bellomo, the founder of Bellomo & Associates, is a licensed and certified elder law attorney with a master’s degree in taxation and a certificate in estate planning. He explains complex legal and financial topics in easy-to-understand language.
Bellomo & Associates is committed to providing education so that what happened to the Bellomo family doesn’t happen to your family. We conduct free workshops on estate planning, crisis planning, Medicaid planning, special needs planning, probate administration, and trust administration. Visit our website (https://bellomoassociates.com/) to learn more.
Links and ResourcesBellomo & Associates workshops:https://bellomoassociates.com/workshops/
- Life Care Planning
- The Three Secrets of Estate Planning
- Nuts & Bolts of Medicaid
For more information, call us at (717) 845-5390.
Connect with Bellomo & Associates on Social Media
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Contact Us:https://bellomoassociates.com/contact/
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