| Complex Trusts and 'National Certified Trust Consultant'? |
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fabwealth
Member
Cash: $ 2.82
Posts: 15
Joined: 19 Jan 2005
Location: USA
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| Complex Trusts and 'National Certified Trust Consultant'? |
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Does anyone here know about Complex Trusts? That is an option on the 1041.
A friend sent me a DVD of a company that sets your business up properly to be classed as a Complex Trust, with full disclosure to the IRS.
I can find virtually nothing on this online.
The man on the video is "one of seven" National Certified Trust Consultants.
Searching around, I do not find his company. I did find mention of 2 others with that title.
Does anyone know who would certifiy them?
They are involved with business comebacks and restructuring.
Thanks! 
Fabwealth
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Wed Jan 19, 2005 11:56 pm |
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Andrew
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Cash: $ 460.25
Posts: 1695
Joined: 02 Nov 2003
Location: Texas
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You are right, the online info is limited.
I found a definition...
quote:
Simple and Complex Trusts: Trusts are either simple or complex.
• Simple Trust: Trust that is required to distribute all accounting income in the year earned; has no charitable beneficiaries; and does not distribute principal in the current year.
• Complex Trust: Trust that is allowed to accumulate income, has a charitable beneficiary, or distributes principal.
Note: A trust may be simple one year and complex the next. A trust that is permitted but not required to distribute principal is a complex trust in years when principal is actually distributed, but may be a simple trust in a year when no distributions are made. A trust which can either distribute or accumulate income is always a complex trust even in years when all income is distributed. All trusts are complex in their final year because all principal must be distributed when the trust terminates.
http://www.1041accountant.com/types-of-trusts.htm
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Wed Feb 16, 2005 2:15 pm |
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