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Colorado revocable trust: 1. Can a trustee be taken off

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Colorado revocable trust: 1. Can a...
Colorado revocable trust:
1. Can a trustee be taken off without notice.
2. What taxes would the beneficiary need to pay.
3. Can a trust broke.
Submitted: 2 months ago.Category: Tax
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Answered in 37 minutes by:
9/10/2017
Tax Professional: emc011075, Tax adviser replied 2 months ago
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,229
Experience: IRS licensed Enrolled Agent and tax instructor
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Hi. My name is ***** ***** I will be happy to help you.

A revocable (also known as living or grantor trust) is fully controlled by the grantor (the owner) who can decide to change it or break it. There are generally no distribution to beneficiaries so there are no tax consequences for the beneficiaries.

After death of the grantor, the trust usually becomes irrevocable or all assets are moved to the estate for distribution.

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Tax Professional: emc011075, Tax adviser replied 2 months ago

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