Phoenix Arizona Qualifying Subchapter-S Revocable Trust Agreement
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How to fill out Qualifying Subchapter-S Revocable Trust Agreement?
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FAQ
A QSST may only have one beneficiary, who is treated as the owner of the S corporation stock held by the trust for which a beneficiary election is made. An ESBT may have multiple beneficiaries.
It is possible to convert an ESBT to a QSST and vice versa. To do so, the trust must meet the requirements of the trust it wishes to convert to (i.e. an EBST may convert to a QSST provided the requirements of the QSST are met), and a election to convert must not have been made in the last 36 months.
As such, Arizona trustees must provide every trust beneficiary with notice, if the trust became irrevocable when the trustor died. Also, where there is a Will, the trustee must file it with the Superior Court in the trustor's home county.
Generally, a trust cannot hold stock of an S corporation; however, grantor trusts, testamentary trusts, voting trusts, ESBTs, and qualified Subchapter S trusts (QSSTs) are permissible S corporation shareholders (Sec.
Designing a QSST The trust must have only one income beneficiary during the life of the current income beneficiary, and that beneficiary must be a U.S. citizen or resident; All of the income of the trust must be (or must be required to be) distributed currently to the one income beneficiary;
In general, living trusts and testamentary trusts may hold S corporation stock only for two (2) years after the date of death of the grantor. After death, the trusts become ineligible shareholders and the corporation will lose its S-election due to the Grantor's death.
(i) If the income beneficiary of a QSST who made a QSST election dies, each suc- cessive income beneficiary of that trust is treated as consenting to the election unless a successive income beneficiary affirmatively refuses to consent to the election.
Generally, a trust cannot hold stock of an S corporation; however, grantor trusts, testamentary trusts, voting trusts, ESBTs, and qualified Subchapter S trusts (QSSTs) are permissible S corporation shareholders (Sec.
The assets contained in an irrevocable trust are managed by a trustee that controls the disbursements to the beneficiaries. An irrevocable trust that is setup as a grantor trust, qualified subchapter S trust or as an electing small business trust may own shares of an S corporation.
A Qualified Subchapter S Trust, commonly referred to as a QSST Election, or a Q-Sub election, is a Qualified Subchapter S Subsidiary Election made on behalf of a trust that retains ownership as the shareholder of an S corporation, a corporation in the United States which votes to be taxed.