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As a trust beneficiary, when you get distributions from the trusts principal, you dont have to pay taxes on this disbursement. However, if you get distributions (or you are required to get distributions from income), you will pay income tax on the income to the trust.
What does trustee succession mean?
While both roles sound familiar, there are differences between them most notably, that if an asset is held outside of the trust (so, in the name of the deceased), it is the responsibility of the executor, and if it is held in the name of the trust, it is the responsibility of the successor trustee.
Does a successor trustee have to pay taxes?
Trustee succession is the process by which a new trustee takes over the role of managing a trust. Trustee succession may occur when a trustee passes away, becomes incapacitated, resigns, declines, or is removed from the position.
Are trustees liable for income taxes?
As a trustee of the trust, you are personally liable for filing the estate tax return and paying any tax due. When you file your return, you can protect yourself from this liability by requesting early determination of the tax and discharge from personal liability under Internal Revenue Code section 2204.
What are the rules for a successor trustee?
The Successor Trustee must act with the Trusts beneficiaries in mind, and cannot make decisions for their own benefit (unless specified in the Trust). The role of the Successor Trustee will also change depending on whether the Grantor has died or become incapacitated.
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Being a trustee is like any other job, in that earning compensation means that you pay taxes on it. Although trustee fees can be deducted as an expense on the trusts tax returns, the trustee will still have to pay taxes on the income they earn if they opt to collect trustee fees.
What is the difference between a trust executor and successor trustee?
Because successor trustees have a lot of responsibility, they should be chosen carefully. If you become incapacitated, your successor will step in and take full control of your finances for youpaying bills, making financial decisions, even selling or refinancing assets. Who Should Be Your Successor Trustee? - Estate Planning estateplanning.com who-should-be-your-s estateplanning.com who-should-be-your-s
Related links
Help for trustees under a revocable living trust
A successor trustee may also be named and acts only if a trustee can no longer fulfill that role. Rose can name herself as trustee and you as co-trustee.
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