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Level 2

Question

1041

Forum|Forum|3 years ago
January 11, 2023
1 reply
0 views

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

Level 15

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-markets-info/annuities/annuities-advanced-markets-grantor-nongrantor-trusts#:~:text=Non%2Dgrantor%20trusts%20are%20treated,(like%20a%20sole%20proprietorship).

Level 2

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

Thank you for your help. It is much appreciated.

L.B.

Level 2

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

Thanks!

L.B.