It’s Time to Fix the Problem of QTIPs and LLCs

Goldberg urges the IRS to address new state laws that pose a threat to the QTIP marital decuction.

By Seymour Goldberg, CPA, MBA (Taxation), JD
The Practitioner’s Guide to the IRA Distribution Rules under the SECURE Act

Lately, some clients and others have inquired about transferring their ownership in limited liability companies to trusts for estate planning and asset protection. I cautioned them that doing so could lead to complex tax and legal problems. To address this, I recently made a formal request to the IRS for guidance on a unique situation.

Read Goldberg’s Revenue Ruling Request Here (PDF, 5 pages.)

Posted on October 20, 2023

Seymour "Sy" Goldberg, CPA, MBA, JD

About the Author

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Seymour "Sy" Goldberg, CPA, MBA (Taxation), JD, is a legendary trust and estate advisor, having practiced and lectured for many years, and has recently sent a number of comment letters to the IRS and Treasury regarding IRA issues involving the Secure Act.

He is the author of The Practitioner’s Guide to the IRA Distribution Rules under the SECURE Act, published by CPA Trendlines.

He has conducted well over 300 CPE programs in the field of taxation, including over 100 CPE programs involving IRAs and IRA Compliance issues, and has been quoted in the New York Times, Forbes, Fortune, Money Magazine, U.S. News & World Report, Business Week and the Wall Street Journal. He has also been interviewed on CNN, CNBC, and WCBS. He is the recipient of Outstanding Discussion Leader Awards from both the AICPA and the New York State CPA Society's Foundation for Accounting Education.

Goldberg is the senior partner in the law firm of Goldberg & Goldberg, P.C., Melville, N.Y., Professor Emeritus of Law and Taxation at Long Island University, Former Director of the Tax Institute of the C.W. Post Campus of Long Island University, Recipient of the American Jurisprudence Award in Federal Estate and Gift Taxation from St. John’s University School of Law, and CLE instructor for many professional organizations, including the New York State Bar Association, American Bar Association, NJICLE, City Bar Center for CLE, local bar associations and law schools. He began his career at the IRS.

Goldberg has authored four manuals for the American Bar Association on IRAs and on Trusts, as well as for other organizations, such as the AICPA on the IRA Distribution Rules.

His first guide, entitled “A Professional’s Guide to IRA Distribution Rules,” was published by the Foundation for Accounting Education from 1993 through 1998. And he has been interviewed on many technical IRA issues for Ed Slott’s IRA Advisor.

Goldberg handles probate matters, tax disputes with the IRS and the IRS appeals office, IRA penalty waivers, and New York State Department of Taxation tax disputes. He has represented clients in more than 75 IRS ruling requests. He wrote an amicus brief in the 2014 inherited IRA Supreme Court Case, Clark v. Rameker. His manuals for the American Bar Association can be found in well over 100 law school libraries throughout the United States.

Goldberg has conducted continuing education courses with the IRS on the retirement distribution rules. He has recommended corrections to IRS Publication 590 working pro bono with the IRS and Congressman Steve Israel., resulting in IRS revisions and the adoption of IRS Publication 590-A and IRS Publication 590-B.

He can be reached at 516-222-0422 or by email at info.goldbergira@gmail.com.

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Read Goldberg’s Revenue Ruling Request Here (PDF, 5 pages.)

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