Okay, so we're gonna get started. First, we have a disclaimer. That's you're just participating in this webinar and I'm not actually giving legal advice. Just giving some information so that you guys can either use that to go speak with an attorney or do your own further research on the topic. It's funny okay, so there's, uh, to start this off, the end game is how to sell a property from a trust. But we're kind of gonna give an outline of what is a trust and go through the steps of kind of the basics of that to then get to the end employees. So first off, is what is a trust? A trust is a testamentary document that is created by a person or persons, so an individual or a married couple, to hold certain property in the name of the trust for their benefit or for the benefit of others known as beneficiaries. For this presentation, I'm gonna use the Smith's family as an example. Harry and Wendy are the husband and wife, and we have child 1, 2, and 3. Usually, I like to use 3 children because it's a lot easier for examples. And in this whole scenario, Harry and Wendy have executed the Smith family trust. So why do people create a trust? The main purpose is to avoid probate, manage the distribution of their assets, and there are some tax benefits. So what mainly going to talk about is managing the distribution of assets. You can determine if you want your child's sibling parent or friend to be able to get your personal or real property, and then they don't have to go through the probate process, which takes a long time, at least a year. And so, the trust kind of...
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Trust filing as an estate under sec. 645 Form: What You Should Know
Dec 5, 2024 — Effective for estates less than about 22,500 per the applicable rate, the executor and the trustee of a revocable trust can effectively combine the revocable trust with a §6453(a) election.  June 4, 2024 — Effective for estate over 22,500, but under the “step up” rules, the executor and the trustee of the revocable trust can effectively combine the revocable trust with a §6453(b) election and a §6454 (a) election.  Note that the §6453/6454(a) and §4361 are For executors and trustees: If the revocable trust is not treated as an estate, an §6453(b) election and a §6454(a) election are required. (This is the “step up” rule). If the revocable trust is treated as an estate, a §6453 election and a §6454(b) election For executors and trustees: An §6453(b) election can effectively combine the revocable trust with §6454(a) and §4361, and a §4361 election can effectively combine the revocable trust with §6453(a). For executors and trustees: The §6453 election can be made on a statement attached to the initial Form 1041 of the estate, if there is an executor and, if not, to the Form 1041 filed for A's beneficiary who is not A. On the Form 1041 filed for A's beneficiary, use Form 4669 for the Section 6454(b) election, the §6454(a) election, and the §4361 election. Nov 17, 2024 — The executor of the revocable trust (A) made a §676 election and A's beneficiary, who was not in the tax year the trust was established, filed a Form 1041 to elect to pay the trust as if it were under §6453 rules. The beneficiary was treated as though it were under §6453 rules so that the trust's income will be subject to tax under §6452. The executor of the revocable trust (A) made a §676 election and A's beneficiary, who was not in the tax year the trust was established, filed a Form 1041 to elect to pay the trust as if it were under §6452 rules.
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