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Irrevocable Trust Which is a Qualifying Subchapter S Trust Form

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Irrevocable Trust Which is a Qualifying Subchapter S Trust Form

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Hi this is Lee Phillips here again Yeah, I'm still a lawyer, don't hold that against me, ok? I want to talk to you for two seconds today about what makes a qualified Subchapter S trust they call it a QSST or Qualified Subchapter S trust and basically it is a trust that is able to hold Subchapter S stock and your little business is probably set up as either an LLC or as a corporation and if you're selling goods and services you are probably taxed under Subchapter S of the IRS code in order to avoid probate when you die of the business you're going to want that Subchapter S stock or the membership interests in the LLC that's taxed under Subchapter S you're going to want those in a trust that way when you die there's no probate on the ownership of the business and the kids or whoever can just carry on so it's important that you put it in the trust but it's also really important that the trust qualifies as a qualified

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