Jul 1, 2005 12:00 PM, By Natalie B. Choate, of counsel, Bingham McCutchen LLP, Boston

By: By Natalie B. Choate, of counsel, Bingham McCutchen LLP, Boston

Circular 230,¹ the Internal Revenue Service's pronouncement regulating written tax advice, applies to all tax practitioners, including estate planners like me — much as I might wish it affected only nefarious sellers of dubious tax shelters. Here is my analysis of how Circular 230 applies to my standard tax advice regarding two common estate-planning devices, credit shelter trusts and qualified personal residence trusts (QPRTs).²

Every tax practitioner must read and study Circular 230; there are no shortcuts. I hope my analysis will help other practitioners confirm or test their own conclusions, or inspire them to let me know where I've gone wrong.

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