The Highs and Lows of Rising Interest Rates

It’s important (and disturbing) to note that all of the forms issued by the IRS are silent on the new spousal waiver requirement of Revenue Procedure 2005-24, which bars a charitable deduction for a charitable remainder trust unless a spouse waives his or her elective rights in the transferred property. This is a potential “trap for the unwary,” and unless the IRS changes the requirements of the spousal waiver, no matter what form is used to create the trust, a waiver must be added.