How to Determine If a Trust Is a Grantor Trust or A Non-Grantor Trust 2 Credits
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Grantor trusts and non-grantor trusts are the two main types of funded trusts that hold assets. The type of trust you’re administering determines whether you must file Form 1041 for the trust, or declare all items of income and deductions on the grantor’s Form 1040.
All trusts have a grantor, the person who creates the trust. All trusts also involve trustees, beneficiaries, and remaindermen. The relationship of the grantor to the other individuals involved in the trust determines whether a trust is a grantor trust or a non-grantor trust.
Non-grantor trusts are treated as separate entities (like a C-Corporation). However, grantors of grantor trusts maintain significant rights to the trust’s assets and income. Because of that, they’re treated as if they are direct owners of the trust assets (like a sole proprietorship).
Various tax proposals, such as a change to the tax treatment of grantor trusts and a proposed surcharge to the undistributed income of a non-grantor trust, may increase the importance of determining a trust’s income tax status in 2022 and beyond. Â
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Griffin Bridgers, JD., LL.M., is a partner with the law firm of Hutchins & Associates LLC in Denver, Colorado. Griffin specializes in estate and income tax planning for high net worth individuals. Griffin is also a frequent speaker and educator, both online and in person, and he provides tax and estate planning updates through digital media through his YouTube channel and on an individual basis for clients and wealth professionals. Griffin also uses his advanced tax and estate planning knowledge on an individual, non-attorney basis to serve as a market expert on the delivery of planning services, and he advises wealth advisors and CPAs on the use of planning strategists and bespoke digital media to grow their client base.
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We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.
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I’ve used myCPE for several years. There are quite a few selections of courses and the unlimited price is great. The courses are easy to select and the reminders for upcoming webinars are helpful. I used this webinar as a refresher course. Previously I prepared Trust and Estate returns but it has been a while and I have new ones this year. The presenter did an excellent job explaining the material.
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When you do a poll question especially on a confusing subject like this, we need the whole minute you promise to answer the questions. You say one minute, but it is really like 15 seconds. Also, no answers are being given. I realize many of the programs are pre-recorded but I would still like to get the correct answers to the poll questions.
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