Connecticut Testamentary Provisions for Charitable Remainder Annuity Trust for Term of Years
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Taxation of Testamentary Trusts Once a testamentary trust has been created, it becomes a taxable entity in its own right and is thus subject to income taxes. If it has $600 or more in annual income, it must file a U.S. Income Tax Return for Estates and Trusts (Form 1041) for that year.
In a significant victory for Reid and Riege's clients, the Connecticut Supreme Court upheld the authority of trustees to decant, or distribute assets from, an irrevocable trust and transfer them into a different trust, thereby protecting those assets from the reach of the trust beneficiary's divorcing spouse.
What does it mean to decant a trust? Trust decanting is the process of pouring the assets of one irrevocable trust (the original trust) into a second irrevocable trust with more desirable terms (the new trust).
Testamentary trusts are easy to create and can provide you with some control over how beneficiaries can use the assets they receive. They can be a useful tool in estate planning to pass an inheritance on to a minor child who is too young to manage the money or assets themselves.
Testamentary trusts are discretionary trusts established in Wills, that allow the trustees of each trust to decide, from time to time, which of the nominated beneficiaries (if any) may receive the benefit of the distributions from that trust for any given period.
The Connecticut Qualified Dispositions in Trust Act is also part of the new Connecticut Uniform Trust Code. This Act creates a new type of trust available in Connecticut, which is the Domestic Asset Protection Trust (DAPT).
If you inherit from a simple trust, you must report and pay taxes on the money. By definition, anything you receive from a simple trust is income earned by it during that tax year. The trustee must issue you a Schedule K-1 for the income distributed to you, which you must submit with your tax return.
Testamentary Trusts are taxed as a whole, though beneficiaries will not be forced to pay taxes on distributions from the Trust. Note that you could be responsible for the capital gains tax, depending on your state.
The trust can also be used to reduce estate tax liabilities and ensure professional management of the assets. A disadvantage of a testamentary trust is that it does not avoid probatethe legal process of distributing assets through the court.
