M-MTax
Level 12

[Event] Ask the Experts: Tax Law Changes - One Big Beautiful Bill

I agree with the advice to seek counsel from an attorney in your area.

 

However, I will add, since there appears to be some confusion, that irrevocable trusts can also be grantor trusts (partial or total). The test for whether a trust is a grantor trust or not is determined by control over the assets in the trust; irrevocable trusts can be grantor trusts (and, in fact , are as evidenced by the proliferation of IDGTs).