Irrevocable trust

[valastro]

I have set up an irrevocable trust in New York State naming my daughter as the beneficiary of a life insurance 2nd to die policy. I must file form 1041 (federal) and would like to know if I am responsible for any taxes (the policy will build up cash value over the years). My wife and I are trustors and my sister is the trustee with daughter named as beneficiary.

 

[ALawyer]

This is one you should ask of the lawyer who drew up the trust for you as how it was drawn up often determines the consequences.