M-MTax
Level 12

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.