Subchapter S Trust With Employees
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How to fill out Qualifying Subchapter-S Revocable Trust Agreement?
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5 Tips for Transferring S-Corp Shares to a Trust Transfer your ownership of the shares to yourself as Trustee of your trust. Carefully review the corporate documents to determine how shares of stock in the company are transferred to another person or entity.
State, local, and real property taxes. Expenses of the estate. Administrative expenses, such as trustee fees. Other miscellaneous itemized deductions subject to a 2% limitation of adjusted gross income.
Use trust funds to pay for personal expenses. Use trust funds to pay for monthly bills, such as phone bills or utilities. Use trust assets to purchase vehicles. Gift assets from the trust to beneficiaries.
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. The income from a QSST is taxed at the individual beneficiary's income tax rate.
Generally, a trust cannot hold stock of an S corporation; however, grantor trusts, testamentary trusts, voting trusts, ESBTs, and qualified Subchapter S trusts (QSSTs) are permissible S corporation shareholders (Sec. 1361(c)(2)).