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Get your taxes done using TurboTax
One primary advantage is that you can treat a qualified revocable trust as part of an estate and only file one Form 1041 (for the estate) and choose a fiscal year rather than a calendar year for the filing.
One primary disadvantage is that this election is typically NOT for an executor to make without professional guidance. This is NOT a DIY endeavor.
Here's a LINK for more information.
‎January 26, 2025
9:02 AM