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Edure contains an annotated sample declaration of trust and alternate provisions that meet the requirements under 2702(a)(3)(A) of the Internal Revenue Code and 25.2702-5(c) of the Gift Tax Regulations for a qualified personal residence trust (QPRT) with one term holder. SECTION 2. BACKGROUND Section 2702(a) provides special rules for the valuation for gift tax purposes of a transfer of an interest in a trust to or for the benefit of a member of the transferor s family if the transferor.
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FAQ
For tax purposes, irrevocable trusts can be either grantor trusts or non-grantor trusts. In an irrevocable grantor trust, the Grantor is responsible for paying taxes on any income generated by the trust, just like in a revocable trust.
Gift Tax Calculation: The taxable gift is calculated by subtracting the value of the retained interest from the fair market value of the property:Taxable Gift = Property Value – Retained Interest Value.
“Grantor trust” is an umbrella term that refers to any trust in which the grantor is considered the owner of the assets in the trust for income tax purposes. This means, as the grantor, you're responsible for paying income taxes on any income the trust assets generate.
Revocable trusts are the simplest of all trust arrangements from an income tax standpoint. Any income generated by a revocable trust is taxable to the trust's creator (who is often also referred to as a settlor, trustor, or grantor) during the trust creator's lifetime.
A: "Grantor trust" is a term used in the Internal Revenue Code to describe any trust over which the grantor or other owner retains the power to control or direct the trust's income or assets.
Any non-grantor trust that does not meet the requirements of a simple trust is a complex trust. Complex trusts are generally allowed to accumulate income. Trusts have very compressed tax rates, with the highest rate of 37% beginning at just $12,501. The Net Investment Income Tax of 3.8% also applies to trusts.
The settlor, also sometimes called a trustor or grantor, can establish a generation-skipping trust as part of a comprehensive estate plan that aims to minimize tax liability. A generation-skipping trust is a complex legal agreement.
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Rev. Proc. 2003-42
This revenue procedure contains an annotated sample declaration of trust and alternate...
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