1041

[booboo4]

2 questions. 1)I set up my estate end of last year as a trust for kids and grandchildren. Of course, both me and my wife are still alive. I obtained an email from the lawyer advising me to remember to file 1041(he sent out to all his clients) if needed. Since neither me or my wife is deceased, do I have to worry about a 1041 at this time or do I just file taxes as usual. Also,(2) can i deduct trust attorney fees on my taxes   for setting up trust. 

Thanks

[Critter-3]

Depends ... did you set it up as a grantor trust which can be undone ?  

https://advisors.principal.com/wps/portal/advisor/resource-center/education-training/advanced-market...).

[booboo4]

It's revocable at this time. Does that meet the definition of grantor?

Thank you for your help. It is much appreciated.

L.B.

[booboo4]

I did look up my trust. It appears to have Grantor status per my folder.

Thanks!

L.B.

[Critter-3]

Ok ... then everything is entered on your personal tax return as usual ... no separate 1041 is needed.   The attorney sent out a general email which doesn't apply to you. 

[booboo4]

Thank you so much. 

your help is much appreciated.

LB