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Recent Commentary
IRS Updates Applicable Federal Rates for October 2021
The IRS has announced the Applicable Federal Rates for October 2021, including the Section 7520 rate of 1.0%.
Income Averaging Using a Grantor CLAT
CRT Traps Attorneys Must Avoid
Attorneys who draft charitable remainder trusts for a client have a duty to provide competent service. However, CRT planning crosses several disciplines, and the attorney's failure in one area may cause severe problems for the client. This article uses examples from the presenter's experience with more than 16,000 CRTs to describe several traps in CRT planning and how to avoid them. It focuses on case studies of several CRTs that were doomed to fail and suggests things the planned giving officer and attorney could have done differently. Topics discussed include design, drafting, investment, and operation of CRTs.
Rate for Charitable Calculations Stands Still at 1.0%-
In Rev. Rul. 2021-18, the Service announced the Section 7520 rate for October will stand still at 1.0%. The average rate for 2020 was 0.95%, while the average rate thus far for 2021 is 0.98%.