Is it possible to simply dissolve a Pure Trust and how would I go about it?
Hello,Thank you for allowing us to assist you with this problem. I am not fully aware of what prior steps you have taken.
Each state law and process is different so I need to know in what state is the Pure Trust created?
Dear Sir, I have taken no steps. The Trust is domiciled in Nevada. No funds are involved. Is it possible to override it entirely or would I need a replacement of some kind?
Since pure trusts are like holding assets in "nickname", meaning you have always retained the assets yourself and not help by an entitly with a separate EIN, then you can just terminate the pure trust with a written document terminating it in the same manner you executed the trust.Not sure if you are aware but the term "pure trust" is not used in the Internal Revenue Code. Whatever the name of the arrangement, however, the taxation of the entity must comply with the requirements of the Internal Revenue Code. The requirements are based on the economic reality of the arrangement, not its nomenclature. If the pure trust meets the definition of a trust, then it would be taxed under simple, complex, or grantor trust rules, depending on the trust instrument.Daniel Solutions40867.0475920139
Practicing Attorney for over 20 years and College Professor for over 10 years
Then, I would essentually just take the document revoking the trust to the clerk of the court and the property and the cars would be returned to me or a new revocable trust put in place?
As I mentioned before a pure trust is not like other trusts in that it is not a separate entity.Yes you can just have a written document revoking the trust filed in the Recorder's Office. Then you would have to create a new trust if you wish to have the property placed into a trust.
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