OFFICIAL PUBLICATION OF THE NEBRASKA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS

Pub. 4 2022 Issue 3

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Member Spotlight: Steve Loftis Honors Uncle Max on a Long, Difficult Trek Through The Desert

Steve Loftis set off with Uncle Max early Thursday morning.

The Lincoln man left his home on Jade Court at 5 a.m., wearing combat boots and camo and a weighted rucksack, the start of a 26.2-mile trek along south Lincoln trails in honor of Max Lockhart, the uncle he never knew.

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Counselor’s Corner: Clarity on Income Tax Reimbursement for Grantor Trusts in Nebraska

In modern wealth transfer planning, strategies involving the transfer of assets into irrevocable trusts are commonplace. Many of these irrevocable trusts are referred to as “intentionally defective grantor trusts” (IDGT) and are treated as “grantor trusts” for federal income tax purposes, requiring the grantor to pay all income taxes attributable to such trust despite having no access to the trust’s assets. However, for transfer tax purposes, the IDGT is treated as a separate taxpayer. This difference between income and transfer tax treatment has led the IDGT to be the wealth transfer planning vehicle of choice for many advisors.

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