New York Wills & Trusts - September 2005 Summary

Legal Developments

On August 22, 2005, the IRS issued eight new Revenue Procedures Addressing the Use of Unitrusts in Charitable Remainder Trusts

These new documents do not change any specific laws, but are a welcome guide for counsel drafting charitable remainder unitrusts. The full text is provided in Resources under Revenue Rulings and Procedures in the New York Wills & Trusts title. They are briefly summarized as follows:

1. Rev. Proc. 2005-52; 2005-34 IRB 326 One life unitrust

2. Rev. Proc. 2005-53; 2005-34 IRB 339 Term of Years Unitrust

3. Rev. Proc. 2005-54; 2005-34 IRB 353 Two Life Separate Property Unitrust

4. Rev. Proc. 2005-55; 2005-34 IRB 367 Two Life Joint or Community Property Unitrust

5. Rev. Proc. 2005-56; 2005-34 IRB 383 Test. One life unitrust

6. Rev. Proc. 2005-57; 2005-34 IRB 392 Test. Term of Years Unitrust

7. Rev. Proc. 2005-58; 2005-34 IRB 402 Test. Two Life Separate Property Unitrust

8. Rev. Proc. 2005-59; 2005-34 IRB 412 Test. Two Life Joint or Community Property Unitrust.

Question 1.

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