The article examines the IRS’ recent issuance of proposed regulations
cracking down on Private Annuity Trusts used for income tax avoidance.
The article looks at why PATs are still a viable tool in estate
planning.
Big Changes for Private Annuities
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529 Plan Benefits Made Permanent by the Pension Protection Act
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Whether
your client is a parent with future educational obligations for young
ones, or perhaps a loving aunt, uncle, grandparent, or stepparent, now
more than ever 529 plans are an attractive tool for the escalating
costs of education, as well as for income and estate planning purposes.
This is because one of the hidden gems of the new Pension Protection
Act of 2006 (signed into law on August 17, 2006) is a provision that
makes permanent the income tax-free growth of Section 529 plans used
for qualified higher education expenses. Prior to this new law, these
provisions would have expired December 31, 2010.
