09/16/2022 Trust

Question 1

Simple trust is require to distribute

Answer 1

Exemption of $300

All income must distributed currently - no need for actual transfer of money or property

Can Not make charity

Can Not make distribution that are not from income

Does not distribute amounts allocated to the corpus

Question 2

a Grantor trust is a trust in which the grantor

Answer 2

retains controll of the trust, even part of it

Taxed as if no grantor exist

Question 3

Revocable trust is one that

Answer 3

Transferor retain the power to terminate the trust

Question 4

Inter Vivos Trust requirements

Answer 4

Grantor/Settlor

Intent

Trust res (trust property)

Separate beneficiaries

Lawful purpose