Private Annuity Trusts or PATs have been discussed for years. Do they qualify? Will they hold up under audit? We were not sure what the IRS's position would be, until now.
The IRS has effectively eliminated the Private Annuity Trust as an option going forward. They issued temporary regulations on October 17, 2006 addressing what they considered to be abuses or inappropriate uses of the PAT.
You can review a complete newsrelease and the actual temporary regulations at: http://www.exeterco.com/news_proposed_regulations_
private_annuity_trusts.aspx.
Tuesday, November 21, 2006
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