Note that this episode was recorded prior to the effective date of SECURE 2.0 which allows for 529 funds to be rolled into Roth IRAs in certain circumstances.
Trust terminations can become complicated when beneficiaries decide to go their separate ways and break up the trust. The IRS views this transaction as a sale of the interest in the trust for cash or assets and a gain is triggered. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, interviews expert Ed Morrow, JD, LL.M. They share:
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This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program.
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