Estate Law Questions? Ask an Estate Lawyer.
Good evening. My name is ***** ***** I look forward to helping you.
Trusts are either simple trusts or complex trust. Pursuant to the IRS (): A simple trust is one in which: i) all trust accounting income is required to be distributed annually; ii) there are no charitable contributions; and iii) there are no distributions of corpus. All trusts that are not simple trusts are complex trusts. Thus, during a tax year, to be considered a complex trust, the trust must satisfy at lease one of the following: i) it must retain some current income; ii) it must provide for amounts to be paid that are permanently set aside from other monies or assets within the trust, to be used for charitable gifts, or iii) it must distribute some principal (as opposed to income).
Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as OK, Good or Excellent (hopefully Good or Excellent). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!