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Business & farm
@tagteam Can A trust be an irrevocable grantor trust if the person is handicapped and NOT the trustee or since they gave up rights it should be a non-grantor trust? I understand they can disregard the 1041 and report directly as a grantor but, since they are not the trustee should they file as a irrevocable non-grantor as they really don't have control? And all income is reportable to the alive beneficiary? Their statement says irrevocable grantor trust and I'm thinking that's wrong and once she gave up control of the assets she should file 1041 and get 67(e) and it is non-grantor.. Thanks.
**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.
***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.
‎June 1, 2019
10:03 AM