The IRS released Notice 2010-19 clarifying new code section 2511(c). Remember, section 2511(c) became effective on Jan. 1, 2010 and will sunset with EGTRRA on Dec. 31, 2010. Section 2511(c) provides that a transfer in trust is a gift, unless it is made to a grantor trust. Some people had contended, by negative implication, transfers to grantor trusts were not gifts. The IRS has now made it clear: the normal gift tax rules were not repealed and still apply. Section 2511(c) just overrides … [Read more...] about A Gift is Still a Gift in 2010
