LexisNexis® Legal Newsroom
USC Gould School of Law 2010 Tax Institute: Tax Planning Strategies for Transferring Family Homes -- Dynasty Trusts by Nancy G. Henderson

If a property owner intends for property to remain in trust for the use and enjoyment not only of the owner's children, but for future generations of descendants, a "dynasty trust" can be an excellent vehicle to accomplish this objective. Careful consideration must be made as to the effect...

Reporting Obligations of U.S. Beneficiaries of Foreign Trusts and New Form 8938

In 2010, Congress enacted the Foreign Account Tax Compliance Act (FATCA) as part of the Hiring Incentives to Restore Employment Act ("the HIRE Act"), and the legislation amended the Internal Revenue Code with the goal of increasing foreign account tax reporting and compliance. [The Hiring Incentives...

Final Regs on Income Ordering Rules for Payments to Charitable Beneficiaries

For a trust to qualify for the charitable deduction, a charitable contribution must be made from gross income. [ See IRC § 642(c) .] IRC Section 642 requires tracing since the source of the charitable contribution must be gross income rather than principal. The provisions of the governing instrument...

Reporting Obligations of U.S. Beneficiaries of Foreign Trusts and New Form 8938

In 2010, Congress enacted the Foreign Account Tax Compliance Act (FATCA) as part of the Hiring Incentives to Restore Employment Act ("the HIRE Act"), and the legislation amended the Internal Revenue Code with the goal of increasing foreign account tax reporting and compliance. [The Hiring Incentives...