Executive Summary of Notice 2008-63

The IRS has issued Executive Summary of Notice 2008-63. Notice 2008-63 discussed the various tax changes that affect certain trusts.

Here is an introduction to the article:

On July 11, 2008, the Internal Revenue Service issued Notice 2008-63, which includes the text of a proposed revenue ruling regarding private trust companies. The notice addresses the income, estate, gift and generation-skipping transfer tax consequences of the appointment of a private trust company created by family members as the trustee of trusts of which the family members are grantors or beneficiaries.