Discussion:FILING REQUIREMENTS FOR GRANTOR IRREVOCABLE TRUST
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| + | {{ForumReplyPost|UserID=Dennis|Date=30 October 2009|Text=There is a major difference between what you can do and what you should do. Consult the attorney once more and determine what records will be sufficient for the trust to actually accomplish its purpose. (Matter of state law...IRS could care less) Real hard to protect assets without a clue what they are. If grantor is a trustee there are no filing requirements. If grantor is not a trustee the requirements are most easily met by filing or at least preparing a return. Either way a set of books is essential. | ||
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Revision as of 17:46, 30 October 2009
Discussion Forum Index --> Advanced Tax Questions --> FILING REQUIREMENTS FOR GRANTOR IRREVOCABLE TRUST
Discussion Forum Index --> Tax Questions --> FILING REQUIREMENTS FOR GRANTOR IRREVOCABLE TRUST
| 30 October 2009 | |
| I have a trust that was set up 20 years ago for medicaid planning. Never filed for tax i.d. # and never filed return.
Client now needs i.d.# for check cashing purposes. Lawyer says it is an irrevocable, grantor trust. I believe I can file for a number and not file a return as all income goes on grantor's(still living) return. Thanks! | |
| 30 October 2009 | |
| There is a major difference between what you can do and what you should do. Consult the attorney once more and determine what records will be sufficient for the trust to actually accomplish its purpose. (Matter of state law...IRS could care less) Real hard to protect assets without a clue what they are. If grantor is a trustee there are no filing requirements. If grantor is not a trustee the requirements are most easily met by filing or at least preparing a return. Either way a set of books is essential. | |
