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Form 541 Illinois

Form 541 Illinois

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Video instructions and help with filling out and completing Form 541 Illinois

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Instructions and help about Form 541 Illinois

so in this video i'm going to walk you through circumstances where a revocable trust a grantor type trust would need to file a separate uh 1041 income tax return for this or for an estate or trust so traditionally um when you know a taxpayer sets up a trust the most common fact pattern is taxpayer let's say john q here sets up a living trust right so it's a revocable living trust that's a grantor trust and they get a lawyer to draft all the paperwork um so the trust is you know in effect uh they've appointed you know the grand tourists the trustee and the ultimate beneficiary and so this is done not really to save on taxes or protect the assets of the grantor it's just used to avoid probate right so if you've got all of your assets in a revocable living trust um when you pass away you don't have to probate those assets right so you know so john q sets up this trust he goes to his stock broker and he has um the broker update the account so if he's got a charles schwab or td ameritrade a

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