Tax Planning Client Letter on Irrevocable Trusts

Suppose you are a CPA, and your client has requested advice regarding establishing an irrevocable trust for his two grandchildren. He wants the income from the trust paid to the children for 20 years and the principal distributed to the children at the end of 20 years. Tax Planning Client Letter on Irrevocable Trusts

Instructions

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Use the Internet and Strayer Library to research the rules regarding irrevocable trusts, gift tax, and estate tax. Be sure to use the six-step tax research process in Chapter 1 and demonstrated in Appendix A of your textbook as a guide for your written response.

Write a 1–2 page letter in which you:

    1. Analyze the effect of an irrevocable trust on the gift tax and future estate taxes.

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    2. Suggest other significant alternatives that the client could use both to reduce estate tax and to maximize potential advantages of the payment of gift taxes on transfers of property.
    3. Use the six-step tax research process located in Chapter 1 and demonstrated in Appendix A of the textbook to record your research for communications to the client. Tax Planning Client Letter on Irrevocable Trusts

This course requires the use of Strayer Writing Standards. For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course. Check with your professor for any additional instructions.

The specific course learning outcome associated with this assignment is:

    • Determine the effect of an irrevocable trust on taxes including a strategy to reduce taxes and maximize benefits.
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