Grantor Trusts Sample With Replacement
Description
How to fill out Grantor Retained Income Trust With Division Into Trusts For Issue After Term Of Years?
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FAQ
In simple terms, a Grantor Trust is a trust in which the grantor, the creator of the trust, retains one or more powers over the trust and because of this the trust's income is taxable to the grantor.
For example, a revocable living trust (i.e., a common com- ponent of a basic estate plan) would be treated as a grantor trust for income tax purposes under Section 676 of the Code due to the grantor's ability to revoke the trust during life and re-vest the assets in the grantor's name.
A ?swap power? is also called a ?power to substitute.? It is a special right reserved to you (or someone else) in a trust you create while you are alive. This right gives you the power to swap an asset of yours, say cash, for an asset held in the trust you created.
An intentionally defective grantor trust is a trust that attempts to shift the burden of taxation on the trust assets. Normally, the trust itself or the beneficiaries must pay taxes on the trust's income. However, a defective trust allows the trust maker to pay these bills for the benefit of all parties.
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.