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Richard, Attorney
Category: Estate Law
Satisfied Customers: 55594
Experience:  29 years of experience practicing law, including tax and estate planning.
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What is a complex trust

Customer Question

what is a complex trust
Submitted: 1 year ago.
Category: Estate Law
Expert:  Richard replied 1 year ago.

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).

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