Final Rules on Gifts, Estates, Trusts Included in Treasury Guidance Plan

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A number of final rules in the gift, estate, and trust arena are announced in Treasury's 2011-12 priority guidance plan, including rules on graduated grantor retained annuity trusts, rules on extensions of time to make allocations of generation-skipping transfer tax exemptions, and rules on the ordering for charitable payments made by a charitable lead trust. Treasury and IRS also say it will focus on miscellaneous trust and estate itemized deductions under tax code Section 67, and guidance on adjustments to sample charitable remainder trust forms under Section 664.