Trust Grandchildren Form For Tax Purposes
Description
How to fill out Irrevocable Trust Agreement For Benefit Of Trustor's Children And Grandchildren?
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FAQ
Form 709 is an annual return. Generally, you must file Form 709 no earlier than January 1, but not later than April 15, of the year after the gift was made.
First, complete the General Information section on part one of the form. Line 12 would also allow you to check off on whether you and your spouse made joint gifts for the tax year. If not, you may skip lines 13 through 18. Note that your spouse must also sign Form 709 in the appropriate spot if you made joint gifts.
Form 709 must be filed each year that you make a taxable gift and included with your regular tax return.
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.