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CharitablePlanning.com is an online tool for planning professionals seeking to manage their research, save time and make educated decisions. In addition to a fully searchable library, useful calculations and personal file management, subscriptions include daily commentary from our team of experts on important events, as well as access to the definitive Handbook on the field of Charitable Planning.

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PLR 201451005 - Division and Modification of Grandfathered GST Exempt Trusts

Monday, December 22, 2014

In PLR 201451005, the Service ruled favorably on the proposed nonjudicial division of four grandfathered GST exempt trusts into nine trusts for the benefit of great-grandchildren of the trust settlor.

PLR 201451025 - Late Allocation of GST Exemption

Monday, December 22, 2014

In PLR 201451025, the Service exercised its discretion to allow a transferor, since deceased, belatedly to allocate additional amounts of GST exemption to transfers to each of four inter vivos irrevocable trusts with skip potential.

Consolidated Estate and Tax Planning Update

Monday, December 22, 2014

At times, IRS issues rulings that are important to some charitable planners who also work in the estate planning and related tax planning fields. For those individuals, we include in this current event a listing to consolidate several rulings of potential interest. More information about these consolidated rulings, including the text, summary, extended summary, and commentary (as the case may be), is available for review through the links.

Fifteen Scholarship Exception Rulings

Monday, December 22, 2014

In fifteen separate rulings, ten of them identical, the Service determined a private foundation's grants to individuals would fall within the scholarship exception to the general prohibition against taxable expenditures. The rulings are numbered PLRs 201451047 through 201451061.

January 7520 Rate Returns to 2.2%

Monday, December 22, 2014

Rates, Tables & Statistics

In Rev. Rul. 2015-1, the Service announced the Section 7520 rate for January will return to 2.2%. Before dipping briefly to 2.0% in December, the rate held at 2.2% for six months. Over the course of 2014, the rate averaged nearly 62 basis points higher than in 2013.

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