1660667
I am the executor of an estate. This past year we sold the house of the estate. I have to use some of the estates funds from the sale to fund a trust. My question is when I am completing 1041, do i make the "Trust" a beneficiary and show the distribution funds to the Trust on a K-1? I am not the Trustee that is being managed by someone else.
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@RRDubu wrote:
My question is when I am completing 1041, do i make the "Trust" a beneficiary and show the distribution funds to the Trust on a K-1?
You should seek both legal and tax guidance for this matter, but a testamentary trust (specified in the Will of a decedent) would not ordinarily be treated as a beneficiary of the estate.
@RRDubu wrote:
My question is when I am completing 1041, do i make the "Trust" a beneficiary and show the distribution funds to the Trust on a K-1?
You should seek both legal and tax guidance for this matter, but a testamentary trust (specified in the Will of a decedent) would not ordinarily be treated as a beneficiary of the estate.
Thank you, you are correct that this is testamentary trust and i felt strongly that I should not make the trust a beneficiary. I will get some legal feedback but i believe you are confirming my understanding so far. Thanks for the rapid feedback.
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