Tax Law Update

Beneficiaries' withdrawal right does not interfere with grantor trust status In Private Letter Ruling 200942020 (Oct. 16, 2009), a trust agreement created four subtrusts: each trust is for one of four children, that child's spouse and that child's descendants. In addition, the taxpayer's spouse was a beneficiary of each of the subtrusts. The taxpayer's spouse served as co-trustee of the trusts with

  • Beneficiaries' “hanging” withdrawal right does not interfere with grantor trust status

    In Private Letter Ruling 200942020 (Oct. 16, 2009), a trust agreement created four subtrusts: each trust is for one of four children, that child's spouse and that child's descendants. In addition, the taxpayer's spouse was a beneficiary of each of the subtrusts. The taxpayer's spouse served as co-trustee of the trusts with another individual who was non-adverse and neither related nor sub

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