How Are Irrevocable Trusts Taxed?
This is an interesting question because it is an irrevocable trust, this is a complex trust.
Basically, it has to file its own tax returns.
This is something we discuss at:
We cover everything from soup to nuts in this training! I hope to see you soon. Yeah, baby!
Hi! It’s Lou Brown. I’ve been asked, how are Irrevocable Trusts taxed? Well, that’s an interesting question because it’s an Irrevocable Trust. What an Irrevocable Trust is, is a Complex Trust. What a Complex Trust is, is under the IRS guidelines. It has to file its own tax returns. So instead of a 1040, which is what an individual files, it files a 1041. It looks strangely similar to a 1040, except that it’s all of the income relative to that ownership. That Irrevocable Trust has. So there’s an opportunity for everyone to be able to take advantage of that wonderful thing called an Irrevocable Trust.
Now there’s a trust that I specialize in. That’s not only the Land Trust and the Personal Property Trust, which is let’s just say that’s the low cost or low entry, easy entry into the trust world. There’s a more expensive version that does a lot different things than the Land Trust and the Personal Property Trust. I call it the Elite Trust.
The Elite Trust is what you might imagine that the high, the upper echelon, the elite would use. But it’s interesting that we can use them too. The average person can use them. And the way I look at it is if you’re paying $16,000 or more in taxes per year, this is definitely something you want to look into. There’s so much benefit to using this trust.
Now, I do have a special report about this that has some additional information. You can find that at MaximumAssetShield.com/elite And what also is available to you is I’ve got a four day live event. You can find out more about that at MaximumAssetShield.com and I’ll teach you all about Land Trust, Personal Property Trust, and the Elite Trust as well. At that four day event, you’ll also learn some amazing things about taxes and how in the tax code. There’s some amazing! Amazing! Discounts, right offs that most people including CPAs don’t know anything about. So we reveal those at MaximumAssetShield.com So check that out and I’ll see you soon. Yeah, baby!