Home      Login

Abstract: 

We have seen a lot of private letter rulings from the IRS in recent years seeking approval of plans to terminate charitable remainder trusts (CRTs) over the last few years. A recent decision of the Virginia Supreme Court shows another aspect of this issue—what is a sufficient purpose under local law to justify a court approving termination? The decision reversed a lower court holding permitting a CRT to be terminated and its assets distributed to the beneficiaries as part of a probate settlement.

Keywords: 

Affiliations:  .