Estate Planning: Common Issues; Practical Answers

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North Carolina CLE
Accreditation Info

National Academy of Continuing Legal Education is a Sponsor (5258) of CLE courses, approved by the North Carolina State Bar Board of Continuing Legal Education. Attorneys may earn all required NC CLE credits from the United Institute for Continuing Legal Education. To view our full accreditation details please .

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About This Course

Practitioners across all disciplines are no strangers to complaints about grantor trusts, and it's likely that such grievances will continue to arise. Grantor trusts have become a cornerstone of most contemporary estate plans. One of the many "benefits" of grantor trusts is that the individual who establishes the trust, known as the settlor, is responsible for paying income tax on any income earned within the trust. This is an excellent strategy for accelerating the growth of trust assets and reducing the settlor's estate. However, as with many things in life, too much of a "good thing" can become tiresome.

At some point, the burden of paying income tax becomes too heavy, and people begin to seek a way out. What are the options for easing the discomfort of bearing the tax cost on trust income? One option is to revoke the grantor trust status, which would relieve the settlor of their tax obligations. However, this process is not straightforward, and there may be tax consequences associated with doing so. Can a trustee take action to revoke the grantor trust status? Even if it is possible, what other issues and options exist?

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