Business Administration

Tag: What is a Living Trust?

  • Form 1041 – Income Tax Return for Estates

    Form 1041 – Income Tax Return for Estates

    —

    by

    David J Hoare MSA
    in

    When an individual passes away, his/her will or trust identifies a representative to administer his/her estate. This representative is referred to as the executor (male) or executrix (female) and is generally approved or assigned by the local circuit court. The Internal Revenue Service tasks this representative to file a final personal return and information returns until…

  • What is a Living Trust?

    What is a Living Trust?

    —

    by

    David J Hoare MSA
    in ,

    A tool in estate planning used to minimize probate costs upon the death of the grantor is the living trust. A Living Trust is created while the grantor is alive and typically is revocable in nature. It is designed to manage assets for the best interest of a beneficiary, usually the grantor.