Setting up trusts creates a complex web of financial, fiduciary, personal and tax consequences. A trust is a creature of the Common Law and often
To recap, IRD is typically income that has accrued to a decedent but has not been paid and is therefore not properly includable on the
Please refer to the following knowledge base articles for background: The problem of the disappearing income: Income in Respect to a Decedent and What are
Elsewhere we asked and answered “What is an ‘intentionally defective grantor trust’ (IDGR) and how does it work as an estate planning tool?” Here we
The fiduciary is responsible for notifying the IRS that she has assumed this role which includes responsibility for filing he decedent’s tax return: “Form 56
Irrevocable trusts are typically non-grantor trusts as opposed to grantor trusts. See here what this means. The Intentionally Defective Grantor Trust is a special type
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