Generation Skipping Trust
A generation skipping trust is an irrevocable trust to which the generation skipping transfer tax (GSTT) may apply. These taxes are rarely paid, because In
Klaus Gottlieb
June 6, 2022
Trusts – A general overview
A trust may be inter vivos or testamentary. The inter vivos (living) trust is a trust agreement executed by the settlor and the trustee during
Klaus Gottlieb
June 5, 2022
The problem of the disappearing income: Income in Respect to a Decedent
Professor McCouch describes a tax collector’s nightmare and whimsically calls it “the problem of disappearing income”. The scenario is as follows: The decedent, who uses
klaus.gottlieb
April 20, 2022
What are Income in Respect of a Decedent (IRD) and the IRD deduction?
First off, “in respect of” is a bit archaic. IRD is simply ‘income concerning a decedent’. To recap, an individual’s taxable year ends with her
klaus.gottlieb
March 21, 2022
What is a Qualified Revocable Trust (QRT) qualified for?
In short, they are qualified to allow an election between making them part of the estate or have them be their own taxable entity. To
klaus.gottlieb
March 21, 2022
What are deductions in respect to a decedent?
We have discussed Income with Respect to a Decedent (IRD) at length, see for example What counts as Income in Respect to a Decedent? IRD
klaus.gottlieb
March 21, 2022
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