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so in this video im going to walk you through circumstances where a revocable trust a grantor type trust would need to file a separate uh 1041 income tax return for this or for an estate or trust so traditionally um when you know a taxpayer sets up a trust the most common fact pattern is taxpayer lets say john q here sets up a living trust right so its a revocable living trust thats a grantor trust and they get a lawyer to draft all the paperwork um so the trust is you know in effect uh theyve appointed you know the grand tourists the trustee and the ultimate beneficiary and so this is done not really to save on taxes or protect the assets of the grantor its just used to avoid probate right so if youve got all of your assets in a revocable living trust um when you pass away you dont have to probate those assets right so you know so john q sets up this trust he goes to his stock broker and he has um the broker update the account so if hes got a charles schwab or td ameritrade a
