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Grantor Trust Rules

What are the grantor trust rules?

A grantor trust is a type of trust that is made up by a trust agreement instead of a will. According to the businessdictionary.com, it is a “Trust in which the trustor retains control over the trust property to the extent that he or she is taxed on that property's income.” Given below are a few questions answered by the Experts on issues related to grantor trusts.

If an individual has created an Irrevocable Grantor Trust and put some shares into it, will a gift of shares be based on the current share price? Also, will they need to fill out a gift tax form as well?

The gift value will all depend on the pricing of the company’s shares currently. The individual will have a yearly gift exclusion of at least $13,000 per person so as long as the value of the shares is $13,000 or less for each beneficiary, there would be no gift tax. Now, if the gift value is more than that, the individual will need to fill out a gift tax form and state how much of their lifetime exemption is being used as a gift when filing their return.

If an individual creates a grantor trust and then passes away, will the trust still be considered a grantor trust or a non-grantor trust?

The trust will still be considered a grantor trust and become an irrevocable trust when the grantor passes away. What this means is that the trust cannot be changed by anyone else, and a successor trustee will be assigned in order to resolve or run the trust as per the trust conditions.

In a case where an irrevocable grantor trust is created and the grantor’s children become beneficiaries of the trust and its trustees, does the grantor give their assets to the trust, or do they have to gift them to the beneficiaries who can then transfer it to trust?

If the grantor simply wants to give the assets to the beneficiaries then there will be no reason for creating the trust. The trust is created for storing and safeguarding the assets. The individual will set up the trust to keep the assets until they believe the assets can be handed over to the beneficiaries.

Setting up a grantor trust there are many rules that an individual is not aware of. Not only the grantor trust rules, but also what a grantor trust is, and if the grantor trust can be changed to a different trust. These types of questions and many more can be answered by the thousands Experts.

There are many rules involved in dealing with grantor trusts that you may not be aware of. While a few of the questions stated above may have clarified some of your doubts regarding this issue, it is possible that there are others you may have that are related to your own particular situation. In cases like this, put your queries to the Experts to get professional insights and information that will help you handle your own case efficiently.

Ask an Estate Lawyer

Thomas McJD
Thomas McJD, Attorney
Category: General
Satisfied Customers: 3170
Experience:  Wills, Trusts, Probate & other Estate Matters
19305272
Type Your Estate Law Question Here...
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Estate Lawyers are online & ready to help you now

Thomas McJD
Attorney
Satisfied Customers: 3076
Wills, Trusts, Probate & other Estate Matters
Infolawyer
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Licensed attorney helping individuals and businesses.
Barrister
Attorney
Satisfied Customers: 2188
13 yrs estate law, real estate. Wills/Trusts/Probate

Recent Grantor Trust Questions

  • My mother is the landowner . My father lased away 24 years

    My mother is the landowner . My father lased away 24 years ago gave my sister the right to park a mobile hone on a place of the land. the road is used to get to both home places. My sister dose not own the land .My mother dose. What rights dose my sister have on the road right of way. Is she liable to help up mothers part of the drive. Mother is 80 years old and i am her son and caregiver also I have POA and POH on her. I have been the only on keeping up mother drive. To my nalege on contract was made. What do I need to do to get help on the upkeep of mothers part on the drive?
  • My fiance passed away in January and left a will behind naming

    My fiance passed away in January and left a will behind naming me as the sole beneficiary and executor. He left me a house (along with the mortgage) and a life insurance policy (which is now gone, to pay off past debts). Out of the blue I just came home to a letter from the County Surrogate's Court asking for a List of Assets be filed "as required by Rule 207.20". What in the world does this mean, the letter is all legalese and I have no idea why they are asking for this. Because of the holiday, I won't be able to reach my lawyer until Monday and I am a basket case over this.
  • An Estate is held in Trust following our father's death. A

    An Estate is held in Trust following our father's death. A single-member LLC is then established and owned by the Trust. The Trust is judged to be invalid, and the Estate is ordered to probate. By will, the Estate is distributed equally to 5 surviving
    children. The LLC is not closed out during probate. By what process does the single-member LLC owned by the Trust become a multi-member LLC owned by the 5 siblings. Is this just a matter of the executor, or the new members, submitting the appropriate paperwork
    to remove the Trust member and add the 5 new members?
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