EDITED. I only responded to this one as I was researching and possibly yes, they may still exist. After talking to a NYC attorney at one of the Big 4:
Complex trusts may be Grantor Trusts where income and expenses are not necesarrily distributable althought still taxed to grantor.
A COMPLEX TRUST that is a grantor trust such as a SNT or one established where Trustee does NOT have to distribute P&I:
, the taxable income of an irrevocable trust is $77,000. $30,000 is from interest and $47,000 is from non‐qualified dividends. Beneficiary A is the sole beneficiary of the trust and has no other personal income or deductions. The trust has the following expenses: fiduciary fees 10,000, Legal Fees 5,000, accounting fees $1,500 and investment advisory fees of $25,000. The Trust is a separate taxable entity and the beneficiary is not the owner of any portion of Trust under I.R.C. § 671. The trust is a complex trust and qualifies as a Qualified Disability Trust. No distributions were made to or for the benefit of the beneficiary in 2018. The total tax liability for the Trust is calculated as follows:
Taxable Income for Trust Taxable Income $30,000.00 Dividends $47,000.00 Total Income $77,000.00 Less Deductions Trustee fees $10,000.00 Legal Fees $ 5,000.00 Accounting fees $ 1,500.00 Investment advisory fees $23,871.00 Taxable Income for Trust Gross Income $36,624.00 Less Exemption (QDT) $ 4,150.00 Taxable Income $32,579.00 creating beneficiary tax liability of $0.
**I don't work for TT. Just trying to help. All the best.
***Say "Thanks" by marking as BEST ANSWER and clicking the thumb icon in a post and that I solved your question
**Mark the post that answers your question by clicking on "Mark as Best Answer" I am NOT an expert and you should confirm with a tax expert.
