Estate Planning: Common Issues; Practical Answers


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About This Course

Every practitioner in every discipline has heard this complaint about a grantor trust and likely we will all hear more of it. Grantor trusts have become the foundation of most modern estate plans. One of the many “benefits” of grantor trusts is that the settlor creating the trust pays the income tax on income earned inside the trust.

That is a great way to accelerate the growth of trust assets, and continue to reduce the creator’s estate. But, as with so many things, too much of a “good thing” can grow old. At some point the cost of paying that income tax is just too burdensome and people want out.

What options exist to mollify the growing discomfort of bearing the tax cost on trust income? One obvious option is to turn off grantor trust status so that the grantor who created the trust can stop paying the income tax. But that is not only not simple, but it may also not be possible. Can a trustee take action to do so? Even if it is possible there may be adverse tax consequences to turning off grantor trust status. What other options and issues exist. Join us for a practical discussion of this common issue that will assuredly come up more frequently in future years.

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