Wealth Strategies Journal

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Month: May 2014

IRS Issues Final Regulations Regarding Deductibility of Costs Incurred By Estates and Trusts

By Sharon L. Klein

On May 9, 2014, the IRS published final regulations regarding which costs incurred by trusts and estates are fully deductible under Internal Revenue Code (“IRC”) § 67(e).

Which Costs Are Fully Deductible?

Under IRC § 67(a), expenses known as miscellaneous itemized deductions (including investment advisory fees) … Continue reading

Many Estate Plans Need to be Re-evaluated in Light of Changes in the Tax Laws

By David Shayne

Bypass Trust

Since 1998 at least when the federal estate tax exemption was $625,000, a bypass trust (frequently called a “credit shelter trust” or “family trust”) has been an almost invariable component of a married person’s estate plan. Moreover, the customary formulation gears the size of the … Continue reading