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Learn more“Getting Rid of Abusive Trusts Act”
Senate Finance Committee Chairman Ron Wyden (D-OR), along with Senator Angus King (I-ME), today introduced legislation—the “Getting Rid of Abusive Trusts Act”—addressing taxation of certain high-value trusts by ultra-wealthy individuals.
According to a Senate Finance Committee release, the legislation would close a loophole and modify rules dealing with grantor retained annuity trusts (GRATs).
The legislation is similar to proposals in the “Green Book”—read TaxNewsFlash—with limited exceptions (e.g., a minimum term of 15 rather than 10 years).
There are no immediate prospects for passage and enactment.
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