Who pays the taxes on income generated by trust-owned property depends on whether the trust is classified as a grantor or non-grantor trust. The vast majority of trusts are revocable grantor trusts for which the grantor pays the taxes using their individual income tax return to report Continue reading
Author: Charlene Rodriguez
Sweetheart Trust or Restrictive Trust, Who Can Make Changes To a Joint Trust When the First Grantor Dies?
Can a trust created by two people be changed by the survivor after one of the grantors dies? It depends. Joint trusts, which are trusts created by two people who are usually spouses, can be permissive or restrictive of the behavior allowed by the surviving spouse after the first spouse Continue reading