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Grantor Trust Rules

GRANTOR TRUST RULES

Cost Free
Presentation Length 1.0 hour

Recorded DateNovember 27, 2023
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Series: Top Presenters
Course Description

We will discuss when a grantor or a beneficiary is taxed as the deemed owner of a revocable or irrevocable trust (the “grantor trust” rules) instead of following the normal rules of fiduciary income taxation. We will review reporting grantor trusts and what triggers grantor trust status and conclude with how to avoid unintentionally triggering the grantor trust rules when planning irrevocable trusts. This course is limited to the basics and does not cover advanced planning techniques for irrevocable grantor trusts. 

Learning Objectives:


  • Determine who is the grantor or potential deemed owner 

  • List how to report grantor trusts 

  • Identify key definitions in applying the grantor rules, including spousal attribution 

  • Recall when a grantor’s retained rights (not as a trustee) can trigger grantor trust treatment 

  • Recognize when a trustee’s authority triggers grantor trust treatment

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PLEASE NOTE: ARCHIVED WEBINARS DO NOT QUALIFY FOR CPE
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Thompson coburn llp

Steve has drafted trusts and a full range of estate planning documents for clients to help grow, preserve, and transmit their family wealth. He has also prepared organizational documents for limited liability companies, corporations, and partnerships to implement their owners' wishes regarding current and future control and transmission, including bringing in new owners and facilitating exit strategies. 

Steve enjoys helping clients structure their affairs to achieve their personal, business, and financial goals while reducing the drag that taxes imposed on them. His firm provides full service to businesses; however, he also acts as counsel on specialized matters while cooperating and facilitating the continued involvement of an existing legal, accounting, and financial services team. Steve maintains his CPA license but prefers to refer income tax returns to practicing CPAs.


Steve Gorin is the former president and an ongoing contributor to Covenant Place’s strategic initiatives. It is a senior affordable housing community with a groundbreaking model for integrated residents with the surrounding community and facilitating holistic services to enrich their lives. 

 

To know more about Steve Gorin, kindly click on the link below:

http://thompsoncoburn.com/people/steve-gorin

 

For various free resources Steve offers, see https://www.thompsoncoburn.com/insights/blogs/business-succession-solutions/about

 

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About Our Presenter

Thompson coburn llp

For approximately 90 years, Thompson Coburn LLP has provided the quality legal services and counsel our clients demand to achieve their most critical business goals. Whether helping with a tax, estate planning, real estate or employment issue, navigating a complex acquisition or defending a product or service in litigation, we have the knowledge and resources to meet any legal need.


With over 380 attorneys, we have experience in more than 50 areas of the law. Supported by our firm's state-of-the-art technology, lawyers in our Chicago, Dallas, New York, Los Angeles, Southern Illinois, St. Louis and Washington, D.C. offices enjoy a nationwide practice.