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A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
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Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
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A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
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Popular Financial Topics
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A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
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Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
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A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
February 25, 2005 at 07:00 PM
NU Online News Service, Feb. 25, 2005, 4:15 p.m. EST
The Internal Revenue Service today published the final version of a rule that affects gift tax special valuation rules.[@@]
The rule provides that a unitrust or annuity interest payable for a specified term of years to the grantor, or a grantor’s estate if the grantor dies prior to the expiration of the term, is a qualified interest for the specified term, according to a discussion of the final rule that appears today in the Federal Register.
The final rule also clarifies the rules governing a spouse’s revocable successor interest.
The spouse’s interest is a “retained qualified interest” only if the spouse’s annuity or unitrust interest, standing alone, would constitute a qualified interest that meets the requirements of Section 25.2702-3(d)(3) of the Internal Revenue Code, but for the grantor’s revocation power, the IRS says.
The IRS has posted the final version of the regulation at //a257.g.akamaitech.net/7/257/2422/01jan20051800/edocket.access.gpo.gov/2005/pdf/05-3589.pdf
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