They say that the devil is in the details, and that is proving true for the Obama definition of the “rich” (those families that earn more than $250,000) and the plan to fix the budget. The IRS provided some detail to the Obama plan last December when it published a proposed regulation that would increase
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Section 685 – Removing the Cap
By Bill Stalter on
Posted in Funeral, Preneed Tax
The National Funeral Directors Association has taken the lead in getting legislation introduced to eliminate the dollar cap imposed on qualified funeral trusts. While I hope the NFDA succeeds, it won’t be without a fight from the IRS.
As the death care industry inches towards the non-guaranteed preneed transaction, the IRS will express its concerns over abusive trusts. …