WebSep 1, 2024 · For instance, a grantor or the grantor's spouse might be diagnosed with a terminal illness. This taxpayer may find it beneficial to exercise a swap power to reacquire an asset for which a step-up in basis is desirable. This might be as simple as having a grantor swap high-basis assets to the trust in exchange for low-basis assets. Whether or ...
The Perils of the “Power of Substitution” for “Intentionally …
WebJun 15, 2024 · When a Vacancy Occurs: This section identifies six different circumstances in which a trustee vacancy can occur: (i) the designated person rejects the trusteeship; (ii) the person designated as trustee cannot be identified, or does not exist; (iii) a trustee resigns; (iv) a trustee dies; (v) a trustee is disqualified or is removed; and (vi) a … WebPowers of independent trustees. Powers granted to and exercisable solely by a trustee or trustees none of whom is the grantor or the spouse of the grantor and no more than half of whom are related or subordinate … litfl surgical airway
Introducing U.S. Grantor Trusts - HTJ Tax
WebSep 16, 2024 · “Grantor trust” is an umbrella term that refers to any trust in which the grantor is considered the owner of the assets in the trust for income tax purposes. This means, as the grantor, you’re responsible for paying income taxes on any income the trust assets generate. WebArticle Twelfth, paragraph D, provides that trustee shall not pay Grantor or Grantor’s executors any income or principal of Trust in discharge of Grantor’s income tax liability. Trustee is not a related or subordinate party within the meaning of § 672(c). Grantor is a resident of State and the situs of Trust is State. State Statute Web7753 - Trustee's duties; powers of withdrawal - UTC 603. 7754 - Actions contesting validity of revocable trust. 7755 - Claims and distribution after settlor's death. Subchapter G. Office of Trustee 7761 - Accepting or declining trusteeship - UTC 701. 7762 - Trustee's bond - UTC 702. 7763 - Cotrustees - UTC 703. imposter with disaster