Trust Benefit Grandchildren For Slideshow
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How to fill out Irrevocable Trust Agreement For Benefit Of Trustor's Children And Grandchildren?
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FAQ
In most cases, grandparents leave their assets to their grandchildren's parents to provide for them. A grandparent's parents are often the best people to help their grandchildren manage their inheritances and can make appropriate decisions about spending or investing their money.
Obtain a copy of the trust agreement, the trustee's statement, or the trust's federal income tax returns confirming the amount, frequency, and type of income being received. Note: A borrower who is also a trustee may not supply the trustee's statement.
Beneficiaries of a trust typically pay taxes on the distributions they receive from a trust's income rather than the trust paying the tax. However, beneficiaries aren't subject to taxes on distributions from the trust's principal, the original sum of money put into the trust.
The grantor can opt to have the beneficiaries receive trust property directly without any restrictions. The trustee can write the beneficiary a check, give them cash, and transfer real estate by drawing up a new deed or selling the house and giving them the proceeds.
Establishing a trust Since trusts for grandchildren are legal structures, you'll work with an attorney to establish them. However, you may also want to discuss wealth planning and investment options with your contacts at Wells Fargo Private Bank before you finalize your plans, Sowell says.