and credit of the trust for the tax year; (2) identifies the payor of each item of income; (3) provides the grantor with any and all information needed for the grantor to include these items of ...

obtain and report the personal information of the beneficiaries of a trust. A non-grantor trust is a separate legal entity for federal tax reporting purposes; as a result, a trust is required to ...

To understand the use of a tax reimbursement clause you need to first understand what a grantor trust is and how it works. When a trust is characterized under the income tax laws as a “grantor ...

Editor’s note: This is part eight of an ongoing series about using trusts and LLCs in estate planning, asset protection and tax planning. The effectiveness of these powerful tools — especially ...

The trust was initially created as a “grantor” trust, meaning that Gloria was personally responsible for paying the tax generated by the trust’s income. Even when a trust is irrevocable ...

The assets put in irrevocable trusts are not considered part of the grantor’s estate for estate tax purposes, which can offer the heirs of sizable estates significant tax benefits. Step-up in ...