The Internal Revenue Service has released Revenue Procedure 2016-55. This includes the annual inflation adjustments to a variety of taxes as set forth in the Internal Revenue Code. A few items of interest include: Estate Tax Exemption: $5,490,000.00 Annual Gift Tax Exclusion Amount: $14,000.00 (no change) Annual exclusion amount for gifts to spouses who are.
Jeffrey S. Goethe led a discussion on Trust Protectors at the Fall meeting of the American College of Trust and Estate Counsel in Charleston, South Carolina. The presentation was made to the College’s Asset Protection Committee. The committee engaged in a lively debate about the nature of a trust protector, the duties of a trust.