Indiana Grantor Retained Income Trust with Division into Trusts for Issue after Term of Years
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FAQ
Beneficiaries. The grantor may be the sole beneficiary of the trust's income during his/her lifetime, but a designated spouse, children, charities, or other named individuals will become beneficiaries when the grantor dies. At that point, generally, the trust becomes unchangeable irrevocable.
In California, the beneficiaries have no standing to contest the trust until it becomes irrevocable upon the death or incapacity of the last surviving settlor. At that point, the successor trustee is required to give notice to the deceased settlor's heirs and all named beneficiaries.
Once an irrevocable trust is established, the grantor cannot control or change the assets once they have been transferred into the trust without the beneficiary's permission. These assets can include a business, property, financial assets, or a life insurance policy.
The four main types are living, testamentary, revocable and irrevocable trusts. However, there are further subcategories with a range of terms and potential benefits.
At the end of the initial term retained by the Grantor, if the Grantor is still living, the remainder beneficiaries (or a trust to be administered for the benefit of the remainder beneficiaries) receive $100,0000 plus all capital growth (which is the amount over and above the net income that was paid to the Grantor).
When the grantor of an irrevocable trusts dies, the person named successor trustee in the Declaration of Trust assumes control of the trust. The new trustee distributes the assets placed in the trust to the proper beneficiaries.
UDT stands for under declaration of trust," and this indicates that the grantor and the trustee are the same individual. The grantor maintains control over the assets they've placed into the trust, and they can only do that if the trust is revocable.
DTD is just an abbreviation for "dated," meaning the date the trust was signed. When referring to a trust, one should always use the date of the trust.
Upon the death of a Trustor, a trust typically becomes irrevocable (i.e. it cannot be changed) and at that point there is a change of Trustee. The Trust document typically names a Successor Trustee, who is the person responsible for administering the Trust at that point.
Upon the death of the grantor, grantor trust status terminates, and all pre-death trust activity must be reported on the grantor's final income tax return. As mentioned earlier, the once-revocable grantor trust will now be considered a separate taxpayer, with its own income tax reporting responsibility.