Practitioners Weigh In On 2 Percent Floor DebatePractitioners Weigh In On 2 Percent Floor Debate
With the Internal Revenue Service on the verge of issuing final regulations, more than 17 professional organizations and legal commentators have taken a stand in the ongoing debate on the extent to which trusts and estates can deduct certain costs without regard to the 2 percent of adjusted gross income floor, and whether fiduciary fees and commissions must be unbundled. Stakes are high: For banks
Kevin Matz
With the Internal Revenue Service on the verge of issuing final regulations, more than 17 professional organizations and legal commentators have taken a stand in the ongoing debate on the extent to which trusts and estates can deduct certain costs without regard to the 2 percent of adjusted gross income floor, and whether fiduciary fees and commissions must be unbundled. Stakes are high: For banks and trustees, it could mean reorganizing how they do business. For trusts, estates and their beneficiaries, it could mean a substantial tax hit.
The American College of Trust and Estate Counsel (ACTEC), the American Bankers Association, the American Bar Association Section of Real Property, Trust and Estate Law and various other promin...
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