What is the name of your state (only U.S. law)? NH
I have a question about an irrevocable trust that was established in the state of MA. The grantor lives in MA, and, while living, is the sole beneficiary of the the income of the trust. Income is distributed to the beneficiary at the discretion of the trustee; income distribution is not required.
This trust usually generates income and has filed federal tax returns (1041) for several years. For the vast majority of years, no income was distributed, and the trust paid income taxes on the income.
I am a co-trustee and live in NH, which has no state income tax. The other co-trustee lives in MD. I have been doing all the paperwork, and the mailing address on the trust is my address in NH. Am I required to file a MA state tax return for the trust for years in which the trust does not distribute income?
When the grantor dies, the trustees are instructed to dissolve the trust and distribute all income and all principal to new named beneficiaries (me and other co-trustee). Will this have to go through probate in MA if the grantor still lives there?
Thank you for your opinions.
SSS.What is the name of your state (only U.S. law)?
I have a question about an irrevocable trust that was established in the state of MA. The grantor lives in MA, and, while living, is the sole beneficiary of the the income of the trust. Income is distributed to the beneficiary at the discretion of the trustee; income distribution is not required.
This trust usually generates income and has filed federal tax returns (1041) for several years. For the vast majority of years, no income was distributed, and the trust paid income taxes on the income.
I am a co-trustee and live in NH, which has no state income tax. The other co-trustee lives in MD. I have been doing all the paperwork, and the mailing address on the trust is my address in NH. Am I required to file a MA state tax return for the trust for years in which the trust does not distribute income?
When the grantor dies, the trustees are instructed to dissolve the trust and distribute all income and all principal to new named beneficiaries (me and other co-trustee). Will this have to go through probate in MA if the grantor still lives there?
Thank you for your opinions.
SSS.What is the name of your state (only U.S. law)?