Simple or Complex Trust?

Forum|Forum|7 years ago
May 31, 2019
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I have another trust return question. Complex or simple? There is no time limit spelled out in the trust docs as to when the monies need to be distributed between the beneficiaries. We distributed some money in 2013 but not all of it. Can I call it simple? Are there other considerations?

Best answer by Anonymous_

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Anonymous_Answer

Level 15

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ron6612

Level 6

If my mom’s trust agreement just states that all assets after debts are distributed 50-50 to her children after an inheritance is given to grandchildren, is this a simple or complex trust? The original trust agreement was revocable and it became irrevocable at death. We distributed all assets during the short taxable year and there is nothing left.

Critter-3

Level 15

The trust doesn't change it's classification just because it is a final return ... the fact that everything is being or has been distributed in the year it is closed will not make any difference either way. Just mark the return as final.