Grantor Trust Agreement Format
Description
How to fill out Grantor Trust Agreement Between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank FA And Bank One, National Assoc.?
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FAQ
A grantor trust is any trust in which the grantor is treated as owner of any portion of the trust. This is determined by a list of powers. Some of the most common powers are: Power to revoke.
A trust is a legal relationship created (in lifetime, or on death) by a settlor when assets are placed under the control of a trustee for the benefit of a beneficiary, or for a specified purpose.
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.
A simple example can illustrate the power of this fea- ture. Assuming that a grantor trust receives interest income of $100,000 in a given calendar year, the grantor trust status would cause all such income to flow through to and be reported on the grantor's personal income tax return.
A beneficiary can renounce their interest from the trust and, upon the consent of other beneficiaries, be allowed to exit. A trustee cannot remove a beneficiary from an irrevocable trust. A grantor can remove a beneficiary from a revocable trust by going back to the trust deed codes that allow for the same.