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Grantor Trust Answer Book (2018)

Grantor Trust Answer Book (2018)

Author: Steven G. Siegel J.D., LL.M. (Taxation)
Publisher: CCH U.S.
ISBN: 9780808041856
Published In: December 2017
Format: Paperback , 380 pages
Jurisdiction: U.S. ? Disclaimer:
Countri(es) stated herein are used as reference only

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Description
Contents

Details

A grantor trust is a trust in which the settlor retains control over the trust property or its income to such an extent that the settlor is taxed on the trust's income.

The use of grantor trust arrangements has become an important estate planning tool. Owners of grantor trusts may be shareholders of S corporations. A number of desirable and sophisticated estate planning arrangements involve grantor trust status as the starting point. These include grantor retained annuity trusts (GRATs), grantor retained unitrusts (GRUTs), personal residence trusts (PRTs), qualified personal residence trusts (QPRTs) and intentionally defective grantor trusts (IDGTs).

Grantor Trust Answer Book (2018) addresses the following:

The grantor trust rules can be found in Code Sections 671 through 679. Each of these Sections describes a particular set of rules and circumstances that will cause a trust to be treated as a grantor trust. Each of these Code Sections is discussed in a separate Chapter addressing its rules and requirements.

Some of the interests retained by a grantor that make a trust a grantor trust also cause inclusion of the trust property in the grantor’s estate. Other interests do not. These distinctions are discussed throughout the publication.

Separate chapters address the estate planning uses of all types of grantor trusts (GRATs and GRUTs, PRTs and QPRTs, IDGTs).

Grantor trust issues are involved in the design of certain charitable trusts, notably charitable lead trusts and these are discussed in detail.

Coverage of foreign grantor trusts which is increasingly a topic of planning interest and government concern is included as well.

The fact that grantor trusts are subject to special income tax filing and reporting rules is discussed.

The role grantor trusts may have in planning for life insurance ownership, like kind exchanges and involuntary conversions are also among the issues addressed.
- Chapter 1: Overview of Grantor Trusts: Principles and Taxation
- Chapter 2 Code Section 671--Trust Income, Deductions and Credits Attributable to Grantors and Others as Substantial Owners
- Chapter 3: Code Section 672--Grantor Trust Definitions and Rules
- Chapter 4: Code Section 673--Reversionary Interests and the Grantor Trust Rules
- Chapter 5: Code Section 674--Power to Control Beneficial Enjoyment and the Grantor Trust Rules
- Chapter 6: Code Section 675--Administrative Powers and the Grantor Trust Rules
- Chapter 7: Code Section 676--The Power to Revoke a Trust and the Grantor Trust Rules
- Chapter 8: Code Section 677--Income for the Benefit of the Grantor and the Grantor Trust Rules
- Chapter 9: Code Section 678--Perseon Other than the Grantor Treated as the Substantial Owner of the Trust
- Chapter 10: Code Section 679--Foreign Trusts Having One or More United States Beneficiaries
- Chapter 11: The Relationship Between Grantor Trusts and the Gift and Estate Taxes
- Chapter 12: Grantor Trusts: MIscellaneous Planning Issues
- Chapter 13: Grantor Retained Interest Trusts: GRATs, GRUTs and GRITs
- Chapter 14 Residences, Personal Residence Trusts, Qualified Personal Residence Trusts
- Chapter 15 Intentionally Defective Grantor Trusts
- Index