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Monday July 27, 2026
Advisor Resources
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Washington News
In McDougall v. Commissioner, 163 T.C. 112 (2024), the Tax Court determined that the termination of a QTIP trust and the transfer of assets from two children to their father created taxable gifts.
Clotilde McDougall passed away in 2011. The majority of her estate was real estate inherited from her father. In her estate plan, she created a qualified terminable interest property (QTIP) trust. The QTIP trust paid all income to surviving spouse Bruce. The remainder of the trust was to be distributed to her children, Linda M. Lewis and Peter F. McDougall. The value distributed upon termination of the QTIP trust was to be equal to the value of the beneficiary's interest.
Surviving spouse Bruce had a limited power of appointment that could be used to transfer assets to other parties. In 2016, Linda and Peter transferred the entire principal of the QTIP trust to Bruce.
The IRS audited the Form 709 Gift Tax Return and claimed the...More |
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GiftLaw Pro
GiftLaw Pro is a complete charitable giving and tax information service inside the GiftLaw website...More |
Deduction Calculator
The GiftLaw Calculator is a planned gifts calculator for professionals that follows the IRS format. Click here to access and run charitable deduction calculations for your favorite gift plan...View Presentation |
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Case of the Week
Quentin was the firstborn child in a large family. Throughout his childhood, Quentin’s parents worked hard to put food on the table for their children. They also instilled in Quentin the value...More |
Private Letter Ruling
Foundation requested advanced approval of its educational grants under Sec. 4945(g)(1). Grants will be awarded to students of a particular descent that are enrolled in or plan to enroll in courses at...More |
Article of the Month
Charitable gift annuities (CGA) have long been a trusted option for donors who want to make a meaningful gift while receiving reliable, fixed payments. With a CGA arrangement, the donor contributes...More |
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