In a recent notice, the Internal Revenue Service released guidance clarifying that trustee and executor fees may continue to be deducted from a trust or estate’s income after the new tax reform law suspended the deduction of miscellaneous itemized deductions for by individual, trust and estate taxpayers. ABA had requested such clarification on behalf of banks offering fiduciary services to trusts and estates in a letter to the IRS in June. The IRS also requested comments on the effect of the suspension on the ability of a trust beneficiary to deduct amounts comprising an excess deduction upon the termination of a trust or estate.
Survey finds older generations worried about kids’ financial literacy
Most parents and grandparents believe today’s children are less prepared to manage money as adults than they were at the same age, according to a new survey by Wealth Enhancement. The survey also polled adults on their feelings...
