Medicaid Irrevocable Grantor Trust With Multiple Grantors
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FAQ
Under the law a trust is considered its "own person", and may own assets. While the irrevocable trust owns the assets, it's the trustee who exercises control over them, e.g. their investment, distribution or other - while the designated beneficiaries benefit.
A trust can have more than one grantor. For instance, if more than one person funded the trust, they will each be treated as grantor in proportion to the value of the cash or property that they transferred to the trust.
A person who creates a trust but makes no gratuitous transfers to the trust is not treated as an owner of any portion of the trust under Code Sections 671-677. Reg. 1.671-2(e)(1). A trust can have multiple grantors.
Anyone other than the grantor may be named as a beneficiary of the Trust. Different family circumstances may dictate the need to structure the trust for different beneficiaries.
Grantor trust rules are guidelines within the Internal Revenue Code (IRC) that outline certain tax implications of a grantor trust. Under these rules, the individual who creates a grantor trust is recognized as the owner of the assets and property held within the trust for income and estate tax purposes.