Who can receive income from the CRT?
The trust income, which is generally taxable in the year it is received, can be paid to you for your lifetime, and if you are married, the income can be paid to you and your spouse for as long as either of you lives. In addition, the income can also be paid to your children for their lifetimes or to any person or entity you wish, providing the trust meets certain requirements. There are gift and estate tax considerations if someone other than you receives the income.
Related Questions
- My wife does not work outside our home and therefore will not have pension income that normally results from employment income. How can we set up a retirement income plan for her?
- As an income beneficiary, do I have to pay tax on the annuity/unitrust distributions I receive from the CRT?
- Who can receive income from the CRT?
