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How to Join account in the Liquidating Trust Agreement

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well welcome back to our trust 101 video series uh im your host as always gary winter estate and trust attorney with lovex your california trust and estates firm this trust 101 series is for trustees and professional fiduciaries beneficiaries of trust and all in order to help you understand better what happens with trust administration after someone becomes incapacitated or passes away this particular video is the second video in our third phase of trust administration we had two prior phases the first one is all about collecting uh assets and getting installed as the trustee and sort of first steps giving notices and so forth the second phase is paying off bills and liquidating assets and this third phase is is all about distribution and in our first video of phase three we talked about an accounting as the first thing that you need to supply your beneficiaries before you actually distribute assets uh trustees report which is the the text or content of the story of trust administrat

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What type of trust is a liquidating trust?

Liquidating trusts are grantor trusts. The identity of the grantor depends on whether a letter ruling is obtained from the Service pursuant to Rev. Proc. 94-45.

Does a liquidating trust need an EIN?

Form(s): Corporations usually file a Form 1120 series return, plus other returns that apply (such as employment or excise tax returns). A corporation declares bankruptcy. However, if a liquidating trust is established for a corporation that is in bankruptcy, an EIN for that trust is required.

What is a grantor type trust?

A grantor trust is a type of trust where the grantor retains ownership of trust's assets for income tax purposes. This means that the grantor — not the trust — is responsible for paying income taxes on trust earnings. Trusts can offer several advantages, like allowing your property to avoid probate.

What type of trust is a liquidating trust?

Liquidating trusts are grantor trusts. The identity of the grantor depends on whether a letter ruling is obtained from the Service pursuant to Rev. Proc. 94-45.

What is a grantor letter for a liquidating trust?

Each unit holder will be provided a Grantor Letter which reports allocable share of all the various categories of income, gain, loss, deduction, and credit of the Liquidating Trust for the period January 1, 2021 – December 31, 2021. This information should be used in determining your 2021 taxable income.

What are the tax implications of dissolving a trust?

No, dissolving your revocable trust would not be a taxable event. You should be using one of your social security numbers for the revocable trust, so moving the funds from the trust to new transfer on death (TOD) accounts should be no different from moving money from accounts in your own names.

Are distributions from a liquidating trust taxable?

A liquidating trust formed for the primary purpose of liquidating and distributing the assets transferred to it is taxed as a trust, and not as an association, despite the possibility of profit ( Reg. §301.7701-4(d)).

What happens when you inherit money from a trust?

The trust itself must report income to the IRS and pay capital gains taxes on earnings. It must distribute income earned on trust assets to beneficiaries annually. If you receive assets from a simple trust, it is considered taxable income and you must report it as such and pay the appropriate taxes.

What is the purpose of a liquidating trust?

The purpose of a liquidating trust is to: Collect and hold assets and claims of the debtor as specified in the bankruptcy plan. Liquidate the trust assets. Resolve disputed claims.

How is a liquidating trust taxed?

A liquidating trust formed for the primary purpose of liquidating and distributing the assets transferred to it is taxed as a trust, and not as an association, despite the possibility of profit ( Reg. §301.7701-4(d)).

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