Thursday, January 30, 2014

Grantor vs Non-Grantor Trusts

I received a call a couple of days ago from previous clients who asked whether or not they needed to get a tax number for their trust.  They did not understand that as their trust was a revocable trust (also known as a grantor trust) meaning they had full control of trust assets, their social security numbers were automatically the tax identification numbers for the trust and any trust income should be filed on the grantors' 1040. Only when a trust is or becomes irrevocable (or is known as a non-grantor trust) do the trustees acquire a separate tax identification number and file a 1041 as long as the irrevocable trust is in existence.


web lol said...

kul post

Blogger said...

eToro is the best forex broker for newbie and full-time traders.

Estate Planning Attorney said...

please share more about this i like one need to known more about this so please pleases share

Estate Planning Attorney California

Emma said...

very nice ! beautiful

Divorce Attorney Newport Beach

cryptopia support number said...

Payment gateway got hacked on Cryptopia.
Is your Payment gateway got hacked on Blockchain? Payment gateway issue should be fixed instantly as delay will create problems for you only. If you don’t know how to deal with hacking errors, you can dial cryptopia customer service number +1833-228-1682 and get instant and accessible solutions from the professionals. You can avail their services anytime as you can’t receive time-barriers issues here. So, don’t hesitate to call them and get your issues resolved.
For more info visit :-