Hi, as a revocable trust is a pass through entity, the income tax is paid by the beneficiary
the grantor of the trust
Frem a tax perspective, the revocable trust is a non entity
My understanding of a revocable living trust - it never dies even though the trustees may
Does the revocable living trust become IRRevocable at death?
I do not know since the trust document is not available to me today
It most likely does
When I have the docum
This has been a gray area ... as IRS has not clarified .. BUT the most recent private letter ruling on this was in 2010
When I have the document I will contact you. What e-mail address?
We are not allowed to use email here ANONYMITY is a requirement of the site ... BUT you can simply come back here......However, let me give you the most recent PLR ... that may help
In Private Letter Ruling XXXXXXXXX, issued on September 24, 2010, the IRA gave guidance ...
IF the trust says that the beneficiaries are to receive their own IRA, then they can do that - no tax at that point - (and there are some procedural requirements, like providing a copy of the trust to the beneficiaries, etc) but they have to start taking distributins each year immediately (paying tax on that money) AND HAVE TO DO SO BASED ON THE LIFE EXPECTANCY OF THE OLDEST BENEFICIARY
What are you trying to do ... what's the opbjective here?
I still don't see you coming into the chat, so I'll move us to the Q&A mode ... Maybe that will help .... Let me know of you have more questions