“Thought for the Day” #690 – by Stephen R. Elville, J.D., LL.M.

March 22, 2016

An example of a grantor trust, a trust where the grantor of the trust pays the tax by reporting trust income on their own IRS Form 1040, is a revocable trust. This is because the grantor retains certain rights over the trust property (i.e. control, income, revocation).