Kentucky Grantor Trust Agreement between Cumberland Mountain Bancshares, James J. Shoffner, et al.
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FAQ
Grantor trusts are controlled by the grantor, while non-grantor trusts are managed by a trustee (established by the grantor). Grantor trusts provide income and tax benefits to the grantor, while non-grantor trusts do not.
The disadvantages of the grantor trust are the flipsides of the advantages. The grantor may not want to make pay the tax on the income the trust generates, even though it's a transfer free from gift tax. For example, let's say the grantor sets up an irrevocable trust for children from a prior marriage or an ex-spouse.
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.
Still, it is essential to point out that trustees are individuals or companies that will be holding and managing assets for a trust and its beneficiaries when the grantor dies. In contrast, the grantor is the person who owns the trust and who appoints the trustee, who specifies the terms of the trust document.
A grantor trust is a trust in which the individual who creates the trust is the owner of the assets and property for income and estate tax purposes. Grantor trust rules are the rules that apply to different types of trusts.