Irrevocable Trusts

[JoAnn22]

Hello, I have a question regarding an Irrevocable Trust account. After my parents passed away, they left money to my siblings and me. We set up an Irrevocable Trust for this money and I am the Custodian. Do I have tax liability for this account?

[Anonymous_ · Accepted solution]

Depending upon the terms of the trust and how it is structured, you may have to file Form1041.

See https://www.irs.gov/instructions/i1041#en_US_2021_publink1000285943

It would be advisable to consult with a local tax professional.