Grantor Trust Agreement between Cumberland Mountain Bancshares, James J. Shoffner, et al.
Description James Shoffner File
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James Shoffner Sample FAQ
The typical purpose of the trust is to create a vehicle allowing the grantor to preserve the wealth he/she has accumulated in a trust that provides assets protection for their beneficiaries, minimizes the ultimate tax burden to the beneficiaries, and keeps the assets out of the grantor's taxable estate at death.
1feff In other words, the grantor trust rules allow a grantor to control the assets and investments in the trust. Grantor trusts were originally used as a tax haven for wealthy people. The tax rates graduated at the same rate as income tax rates.
A grantor trust is a trust in which the individual who creates the trust is the owner of the assets and property for income and estate tax purposes. Grantor trust rules are the rules that apply to different types of trusts. All grantor trusts are revocable living trusts, while the grantor is alive.
A grantor trust can, in a given case, be either revocable or irrevocable, although most types of grantor trusts involve an irrevocable trust. Certain types of trusts (such, as for example, a revocable trust) are disregarded not only for income tax purposes but also for federal estate and gift tax purposes.
Unlike a grantor trust, which is taxed to the grantor, a nongrantor trust is taxed as its own separate taxpaying entity. The trustee of the trust has the trust file its own tax return, Form 1041. On that return goes all the trust's items of income and expense.
A grantor trust is a trust in which the individual who creates the trust is the owner of the assets and property for income and estate tax purposes.All grantor trusts are revocable living trusts, while the grantor is alive.
A grantor trust is a revocable living trust that's a "disregarded entity" for tax purposes. It doesn't pay its own taxes or file a tax return.