The family trust was the beneficiary of my mother's IRA. It became irrevocable when she passed. My brother and I are the beneficiaries of the irrevocable trust. The assets of the IRA will be distributed to the trust in approximately equal portions over the next 10 years. The trust will then pass those assets to me and my brother.
Is it necessary to complete a 1041 and two K-1s for the trust every year for the next 10 years?
If yes, is there a way to move the IRA assets from the irrevocable trust to my and my brother's traditional IRAs?
Thanks for your help.
