Maine Qualified Domestic Trust Agreement
Description
How to fill out Qualified Domestic Trust Agreement?
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FAQ
The annual federal gift tax exclusion allows you to give away up to $15,000 each in 2021 to as many people as you wish without those gifts counting against your $11.7 million lifetime exemption. (After 2021, the $15,000 exclusion may be increased for inflation.)
The 65-day rule relates to distributions from complex trusts to beneficiaries made after the end of a calendar year. For the first 65 days of the following year, a distribution is considered to have been made in the previous year.
Moving a trust means changing its situs from one state to another. Generally, this isn't a problem for revocable trusts. In fact, it's possible to change situs for a revocable trust by simply modifying it. Or, if that's not an option, you can revoke the trust and establish a new one in the desired jurisdiction.
Maine does not have a gift tax, although the value of gifts in excess of the federal annual exclusion, if made within one year prior to death, is included in the decedent's estate.
Resident trust means: a. a trust, or a portion of a trust, consisting of property transferred by will of a decedent domiciled in this state at death, or a trust, or a. portion of a trust, consisting of the property of a person domiciled in this state if such trust is not irrevocable, and. b.
If you're lucky enough and generous enough to use up your exclusions, you may indeed have to pay the gift tax. The rates range from 18% to 40%, and the giver generally pays the tax. There are, of course, exceptions and special rules for calculating the tax, so see the instructions to IRS Form 709 for all the details.
Trust situs is an important issue for several reasons. Situs can dictate which state's income tax applies, e.g., California vs. New York vs. Wyoming; situs is a factor in determining what law governs the administration of the trust; and situs often determines where a trustee or beneficiary might seek judicial relief.
There is no inheritance tax in Maine.
The state will look to where the grantor resided at the time the trust was established, for intervivos trusts, and where the testator resided for testamentary trusts. Residency of the grantor can also be determined by the grantor's residency when the trust becomes irrevocable.
For tax purposes a trust may be taxed in any state for which it is determined to be a resident trust under the governing states definition of residency. This could be based on the location of the grantor, the location of the trustee or trust administrator, or the location of the beneficiaries.