Qualified Subchapter S Trust Form With Beneficiaries
Description
How to fill out Irrevocable Trust Which Is A Qualifying Subchapter-S Trust?
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FAQ
QSSTs are different than other other S corporation trusts in that the beneficiary is usually someone other than the grantor of their estate. Grantors/shareholders can use the QSST to make a gift of all or part of S corporation stock and retain voting power while the beneficiary receives the income.
To qualify as a QSST, the trust must require that all of the net income be distributed to a single beneficiary. While principal of the QSST may also be distributed to the beneficiary in the discretion of the Trustee, the QSST cannot provide for multiple beneficiaries.
To qualify as a QSST, the trust must require that all of the net income be distributed to a single beneficiary. While principal of the QSST may also be distributed to the beneficiary in the discretion of the Trustee, the QSST cannot provide for multiple beneficiaries.
A QSST cannot distribute any portion of the trust corpus to anyone other than the current income beneficiary during the beneficiary's lifetime. All current trust accounting income must be distributed annually to the current income beneficiary.
A QSST is a permitted shareholder of an S corporation during the life of the income beneficiary. If the death of the beneficiary causes the trust to fail to qualify as a QSST, it may still continue to hold the S corporation stock for a two-year period following the beneficiary's death.