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What is a revocable trust?

A revocable trust is a part of estate planning that manages the assets of the grantor as the owner ages. The trust can be amended or revoked as the grantor desires and the property it holds is included in estate taxes. Depending on the trust’s directions, a trustee might be assigned to manage the assets or property within the trust.

Can a revocable trust be a grantor?

If you create a trust, it ’ s important to know what you can and can ’ t do as a grantor, since you ’ ll face different tax consequences. A trust grantor is the creator of the trust. All revocable trusts are considered grantor trusts by the IRS.

What is a grantor trust?

A grantor trust is a trust in which the individual who creates the trust is the owner of the assets and property for income and estate tax purposes. Grantor trust rules are the rules that apply to different types of trusts. Grantor trusts can be either revocable or irrevocable trusts.

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