Jan 1, 2007 12:00 PM

By Roy M. Adams, managing member, Constantine Cannon, Roy M. Adams and Associates PLLC, New York

With continuing confusion about transfer tax repeal or reform, estate planners have at least one constant and true certainty: compliance. Recently, requirements have increased dramatically, adding to the growing burden of estate planners' duties — and the cost to those whom they serve. Not only did the Internal Revenue Service issue Circular 230 and subsequent regulations, which require written tax advice to be in a special format, but also the Pension Protection Act of 2006 (PPA) upped the ante on disclosure by charities. On top of that, many uniform trust code states have given beneficiaries of trusts in their jurisdictions rights to information that would cause most settlors to faint.

Circular 230, in particular, still rings in our ears. Lawyers, accountants, enrolled actuaries and enrolled agents must comply — or risk financial penalties, suspension, and maybe even the equivalent of a professional death penalty: a ban on their ability to practice before the IRS.

Topics of Interest

Estate Tax	Donor Advised Funds
GSTs	Family Offices
Private Foundations	Life Insurance
2010 Tax Act News	Industry Trends Surveys

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Topics of Interest

Estate Tax	Donor Advised Funds
GSTs	Family Offices
Private Foundations	Life Insurance
2010 Tax Act News	Industry Trends Surveys

E-Newsletter Signup

2011 Trust Glossary

Click here to download the 2011 Trust Glossary

50 Years Ago This Month

Click here to read the issue.

50 years ago, in May 1962, we featured articles such as: "Future of Canadian Trusteeship" by Arthur H. Mingay", "Training Trust Employees" by Ian M. Marr, "What is a Trust Officer?" by Eric J. Brown, and "Selling Services" by Donald I. Webb.

Conrad Teitell's Guide to Tax Benefits For Charitable Gifts

Click here to view the most up to date guide (September 2011)

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