PLR re State Court Trust Reformation

Dawn Markowitz reports, on, that in Private Letter Ruling 201442046 (Oct. 17, 2014), the Internal Revenue Service ruled that a reformation of a trust to correct scrivener’s errors caused remainder interests to be completed gifts and as such, a trust’s assets wouldn’t be included in a grantor’s gross estate on his death.  Moreover, the reformation wouldn’t cause any current or future beneficiaries to make a gift to any other trust beneficiaries.

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Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.