A Crummey Trust allows people to give gift-tax-free financial gifts to beneficiaries, retain some control over those gifts, and reduce their taxable estates, ...

The grantor outlines the terms and conditions of the trust, specifying how and when assets should be distributed. By setting ...

Such tax-avoidance vehicles include Grantor-Retained Annuity Trusts and Intentionally Defective Grantor Trusts (IDGTs), while another loophole stems from a 1980s-era IRS decision that allows the ...

Estate tax planning experts and many affluent taxpayers are aware of the multiple advantages of what are known in the technical jargon as "Intentionally Defective Grantor Trusts" (IDGTs), which ...

In the letter, they mention that the number of estates that have paid any estate tax have dropped in recent years. The high was 7.65 percent in 1976 (when the federal exemption was a “whopping ...

Separately, the AICPA sent a different letter on Feb. 5 to the Treasury and the IRS asking for guidance about international information reporting for domestic grantor trusts. The AICPA wants them to ...

In 2025, you can give up to $19,000 (up from $18,000 in 2024) a year to an individual without reporting it to the Internal Revenue Service (IRS).The $19,000 encompasses all gifts.

A grantor does not have to file a trust income tax return, instead it can be reported through the grantor's Social Security number. The money in the trust is essentially a tax-free gift for the ...

Grantor trust rules are a set of IRS regulations that determine how income generated by a trust is taxed. Under these rules, the person who creates the trust, known as the grantor, ...

An irrevocable life insurance trust (ILIT) helps minimize estate and gift taxes, provides creditor protection, and protects government benefits.