Tag Archives: irrevocable trusts

Tax Law Changes in OBBBA May Require New Planning Strategies for Non-Grantor Trusts, Estates and Their Beneficiaries By Patricia Giarratano, CPA

Posted on September 01, 2026 by Patricia Giarratano

Included in the Joint Committee on Taxation’s (JCT’s) recently released Blue Book report, lawmakers clarify a provision in the One Big Beautiful Bill Act (OBBBA) that introduces new limits on itemized deductions claimed by taxpayers in the top tax bracket and extends them to non-grantor trusts and estates for the first time. The result could […]

You May Be Able to Modify an Irrevocable Trust by Patricia Giarratano, CPA

Posted on July 20, 2026 by Patricia Giarratano

Over the past few years, many high-net-worth family matriarchs and patriarchs rightfully accelerated their gift-giving strategies to reduce the value of their taxable estates in anticipation of a scheduled halving of the estate tax exemption at the end of 2025. However, with the enactment of the One Big Beautiful Bill Act (OBBBA) in July 2025 […]

Surprise! Modifying an Irrevocable Trust is Possible

Posted on December 04, 2024

As its name implies, the terms of an irrevocable trust are generally intended to be set in stone and, therefore, unchangeable without a costly legal battle. However, as time passes, individuals’ lives and circumstances evolve along with the passage of new laws, making decisions from long ago seem outdated, unsuitable and often contrary to grantors […]

Archive