Grantor Trust Agreement With Beneficiaries
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FAQ
Power to Add Charitable Beneficiaries. Pursuant to IRC § 674, grantor trust status is triggered if any person has the authority to add new beneficiaries (other than after-born or adopted children) of either the income or principal of a trust.
Understanding Grantors: Trust Creators The grantor is the person who creates a trust, and the beneficiaries are the persons identified in the trust to receive the assets. The assets in the trust are supplied by the grantor. The associated property and funds are transitioned into the ownership of the trust.
However, if the trust is classified as a grantor trust, it is not required to file a Form 1041, provided that the individual grantor reports all items of income and allowable expenses on his own Form 1040 or 1040-SR, U.S. Individual Income Tax Return.
These powers include such things as distributing to or accumulating income or corpus for a beneficiary under Code Section 674(c); and permitting the trust grantor to borrow the income or principal of the trust under Code Section 675(3).
A: "Grantor trust" is a term used in the Internal Revenue Code to describe any trust over which the grantor or other owner retains the power to control or direct the trust's income or assets.