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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
Attorney
Satisfied Customers: 3781
Licensed attorney helping individuals and businesses.
Barrister
Attorney
Satisfied Customers: 2188
13 yrs estate law, real estate. Wills/Trusts/Probate

Recent Grantor Trust Questions

  • Live in Colorado. Made a verbal agreement sell 5acres of unimproved

    Live in Colorado. Made a verbal agreement sell 5acres of unimproved property to a friend of a friend for 75k. Buyers agreed to pay 5k a month.I agreed not to charge them interest. No written agreement was ever signed. Buyers missed several payments and seldom pd 5k. Over 18 months they paid 44,055.00. They recently called me and said the business was not doing well and they no longer wanted the property. They had defaulted! I have paid the property tax, nothing is in their name and no paper exists between us. My wife and I agreed that we would pay them 40k as a refund the difference was interest I was now going to charge them. They signed an agreement that we would give them 20k, which we did, and the remainder when we sold the lot. They agreed in writing. They signed the agreement, I did not.All this transpired over the past week. Just received from their atty demanded we sign a promissory note or they are going to sue us. Your thoughts please. Thanks
  • Wrongful death: The surviving spouse brings lawsuit to Illinois

    Wrongful death: The surviving spouse brings lawsuit to Illinois applying Colorado law. Colorado law requires the spouse sue individually. Illinois law requires estate administrator bring in the wrongful death claim. When the surviving spouse sues in Illinois, does she need the estate?
  • My husband has a revokable trust. The property mentioned is

    My husband has a revokable trust. The property mentioned is no longer owned. We were not married at the time of the last update--so it shows my previous last name. The investments mentioned--he INTENDS for the assets to be distributed 3-ways--between me (spouse) and his 2 sons. However his revokable trust says that the asset cannot have any amount distributed without the agreement of the 3 people listed. HE says the existing revokable trust is null and void. I say it needs to be legally revised. Your advice?
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