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Loren
Loren, Attorney
Category: Estate Law
Satisfied Customers: 29002
Experience:  30 years experience in the practice of estate law.
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If a child reaches the age where they can take their trust

Customer Question

if a child reaches the age where they can take their trust money outright, does that trust still have to file tax returns?
Submitted: 1 year ago.
Category: Estate Law
Expert:  Loren replied 1 year ago.
Thank you for using JustAnswer. I am Loren, a licensed attorney. I will do whatever I can to answer your question and provide you excellent service.
Is the trust being dissolved? Does any corpus remain intact in the trust?
Customer: replied 1 year ago.
I am the trustee and all 3 of my children are adults in their 30s. they are all able to take the money-which isn't that much. I would like to stop the trusts, give them the money, and no longer have to pay for their tax returns. Thank You, Valerie
Customer: replied 1 year ago.
Are you still there, Loren?
Expert:  Loren replied 1 year ago.
Thank you, ***** ***** the additional information. If you dissolve the trust and distribute the corpus then after filing a final return, no further returns are necessary.
Customer: replied 1 year ago.
Is the corpus the money? and how do I dissolve a trust?
Expert:  Loren replied 1 year ago.
Yes, the corpus is whatever assets are titled tomthe trust. You end the trust by acting in accordance with the terms of the trust agreement and notifying the beneficiaries that the trust is terminating. You then distribute the money and file a final return.
Customer: replied 1 year ago.
I am not sure how this works as I have never used this site before. Are you still there, Loren?
Customer: replied 1 year ago.
I have to sign off for right now, but would like to know what the corpus is and if I can dissolve a trust or does a lawyer have to. Thank You, Valerie
Expert:  Loren replied 1 year ago.
The corpus just means the money in the trust. You can dissolve it yourself.
Expert:  Loren replied 1 year ago.
You are very welcome. If you have no further questions, please remember to leave a favorable rating (Excellent or Good) so that I am credited for assisting you. A bonus is not required, but is always appreciated.
Expert:  Loren replied 1 year ago.
Thank you.
Customer: replied 1 year ago.
Do I just write the IRS and tell them it is dissolved or is there some paperwork that I need to file? Of course will give you an excellent rating. How would one give a "bonus?" Thanks again, Valerie
Expert:  Loren replied 1 year ago.
Filing the final return tells them it is dissolved.
Customer: replied 1 year ago.
Is there a Final Return Form? Or do I just write-Final Return on the return itself?
Expert:  Loren replied 1 year ago.
There is a check box on the return indicating it is a final return
Expert:  Loren replied 1 year ago.
Did you have further questions? Have I answered your question?

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