Scrivener's Errors Cause Havoc in Estate Plan
PLR deems judicial modifications of trust don’t impact generation-skipping tax exemption. Private Letter Ruling 202108001 (released Feb. 26, 2021) addresses the intersection of the best of times – a grandfathered generation-skipping transfer (GST) tax-exempt trust funded generously enough to warrant the cost of a PLR application – and the worst of times, namely drafting careless enough to include a digit mid-word in the title of a trust article. And the hero of our PLR is, undoubtedly, the brave counsel who rode into the fray with the issue-spotting-telescope of a 1L confronting...
Source: wealthmanagement.com