Tax tips
The trustee of a revocable living trust can disclaim its interest as the beneficiary of a qualified retirement asset. tax tips Printable-tax-forms. After the trustee makes the disclaimer, the interest passes either to the contingent beneficiary, if any, or to the account owner''s personal representative under the terms of the individual''s Will. The surviving spouse could then rollover the qualified retirement asset providing that the surviving spouse is the contingent beneficiary. If the event that the account owner only named the trust, then the terms of the account owner''s Will will control. tax tips Georgia-state-tax. The Internal Revenue Service has issued various private letter rulings dealing with these issues. For a discussion of these issues see Wenig, 848 T. M. tax tips Federal tax id number. , Disclaimer, Article II, Section B(4). 38. This is based upon $725,000 of assets (excluding the house) less a unified credit of $650,000 for 1999. 39. This is based upon $1,025,000 of assets (excluding the house) less a unified credit of $650,000 for 1999. Editor''s Note: The author acknowledges that the focus on this article is to analyze ways in which to fully utilize the credit shelter amounts. Further, in larger estates, it may not be beneficial to fully utilize the credit shelter amount, the analysis requires that you "run the numbers" to determine whether the "forgone" estate tax benefit (by not fully funding the credit shelter trust) is greater than tax benefit of deferral by rolling-over part or all of the deferred compensation if the designated beneficiary is the surviving spouse. 41. If the trust is deemed a grantor trust pursuant to I. R. C. '' 671-678, then the grantor will pay income tax on the income until the power is either released or terminated. 42. I. R. C. ' 1(e). 43.
Tax tips
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