My good friend Steve Hartnett, the Director of Education for the American Academy of Estate Planning Attorneys, has created a three part series of blogs intended to help people understand the basics of the taxation of trusts. This post discusses “Nongrantor” trusts. This kind of trust is not taxed to a “substantial owner” pursuant to the grantor trust rules, but rather has its own separate tax life. Such a trust must file its own tax return and the income of the trust would be taxed to it, unless distributed. Read on to learn more.
With more than 30 years’ experience in private practice, Mark Costley has helped hundreds of North Carolinians with estate planning, living trusts, financial law, probate, and trust administration. Mark’s work involves elements of teaching, strategic analysis and planning, documentation, and assisting clients in implementing their plans Read More!
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