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6 votes

inheriting (and selling) a house via a trust vs being named on the title

You would need an estate attorney and a tax advisor to handle this efficiently. You're correct that having a non-US person as a beneficiary of a US trust may complicate matters quite a bit. You're ...
littleadv's user avatar
  • 172k
5 votes
Accepted

Recently my mother died - how to handle her living trust account - Does the date of trust formation change?

When I was applying for the EIN number, it asked me when the trust was created. I put the date the revocable trust was created not the date my mother died. Was that wrong? Yes, because revocable ...
littleadv's user avatar
  • 172k
3 votes

(Canada) How does a trust help with tax burden?

If the amount in question is a few hundred thousand dollars, then a trust may well be a good option. For lesser amounts then one of the other Canadian tax-free schemes is likely to be preferable, but ...
DJClayworth's user avatar
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2 votes

What is a trust? (Canada)

Let's try to answer this really simply. A trust is nothing more than a relationship. It occurs when one person, often called the settlor, gives property to another person—the trustee—to manage on ...
DJClayworth's user avatar
  • 33.3k
2 votes

Did the tax laws regarding trusts significantly change?

Rev. Rul. 2023-2 addresses intentionally defective grantor trusts (IDGTs), which are irrevocable trusts that are the grantor's for income tax purposes but not for estate tax purposes. The issue pre-...
Stan H's user avatar
  • 7,066
2 votes

Does my Trust Need to File Taxes?

A trust is not a person. Trusts file a different tax return using form 1041, and are required to file if they have (see instructions): Any taxable income for the tax year; Gross income of $600 or ...
littleadv's user avatar
  • 172k
2 votes

Tax Reporting and a Defective Trust

No, after the grantor's death, the IDGT becomes a regular trust. Distribution can be dictated by the trust, but how the trust is taxed is dictated by tax law. Income distributed to the beneficiaries ...
Stan H's user avatar
  • 7,066
1 vote
Accepted

Tax Reporting and a Defective Trust

When the grantor dies, can it report its income to the IRS under the beneficiaries social security number? No. After the grantor dies (or whenever the trust becomes a non-grantor trust for any reason,...
ohwilleke's user avatar
  • 719
1 vote

Did the tax laws regarding trusts significantly change?

To the best of my knowledge there was no change in laws. The RR clarifies the current laws. Transfer to an irrevocable trust is a gift and is covered by the gift tax, and as such should be exempt from ...
littleadv's user avatar
  • 172k

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