Middlesex Massachusetts Qualifying Subchapter-S Revocable Trust Agreement

Name: Middlesex Massachusetts Qualifying Subchapter-S Revocable Trust Agreement
Brand: US Legal Forms
Rating: 4.76 (350 reviews)

Category:

Trusts - Revocable

State:

Multi-State

County:

Middlesex

Control #:

US-0687BG

Format:

Instant download

Description

Qualified Subchapter S trusts (QSSTs) can provide taxpayers with substantial income tax and estate tax savings. QSSTs are different than other S corporation trusts in that the beneficiary is usually someone other than the grantor of their estate.

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How to fill out Middlesex Massachusetts Qualifying Subchapter-S Revocable Trust Agreement?

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FAQ

An irrevocable trust that is setup as a grantor trust, qualified subchapter S trust or as an electing small business trust may own shares of an S corporation.

Three commonly used types of ongoing trusts qualify as S corporation shareholders: grantor trusts, qualified subchapter S trusts (QSSTs) and electing small business trusts (ESBTs).

A Qualified Subchapter S Trust, commonly referred to as a QSST Election, or a Q-Sub election, is a Qualified Subchapter S Subsidiary Election made on behalf of a trust that retains ownership as the shareholder of an S corporation, a corporation in the United States which votes to be taxed.

In an estate planning context, it's critical that any trusts that will receive S corporation stock through operation of your estate plan be eligible shareholders. Which trusts are eligible? Grantor trusts.Testamentary trusts.QSSTs.ESBTs.

As an initial matter, as long as the business owner is living, his or her revocable trust is treated as a grantor trust for income tax purposes, and as such, is an eligible S corporation shareholder.

The Internal Revenue Code specifies broad categories of trusts that qualify as S shareholders. One of these, the qualified Subchapter S trust (QSST), is modeled after the grantor trust. It is eligible to hold stock in an S corporation, and, under the S corporation rules, it is treated as a Subpart E trust (Sec.

In the most common scenario, in order for a grantor trust, such as a joint revocable trust, to remain an S-corporation shareholder, the trust should allow for the distribution of the S-corporation stock to a permissible shareholder within two years after your death.

If a trust is a grantor trust, a QSST, or an ESBT, it can be a qualified shareholder in an S corporation.

Testamentary trusts. This trust type is established by your will. It's an eligible S corporation shareholder for up to two years after the transfer and then must either distribute the stock to an eligible shareholder or qualify as a QSST or ESBT.

This trust type is established by your will. It's an eligible S corporation shareholder for up to two years after the transfer and then must either distribute the stock to an eligible shareholder or qualify as a QSST or ESBT.

Middlesex Massachusetts Qualifying Subchapter-S Revocable Trust Agreement

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Is a Qualified Subchapter S trust irrevocable?

Can a trust be a Subchapter S shareholder?

What is a qualified subchapter S trust?

Which trusts can be S corp shareholders?

Can an S corp be owned by a revocable trust?

What is a qualified Subchapter S trust provision?

Can a joint revocable trust own S Corp stock?

Can simple trust be S Corp shareholder?

What type of trust can be an S Corp shareholder?

What is an S corp trust?

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