Legal Question in Wills and Trusts in California
Trusts and the IRS
Can the Internal Revenue Service ever have access to our Trust? If so, when and under what circumstances.
Asked on 5/06/08, 4:27 pm
2 Answers from Attorneys
Frankie Woo
Fiducia Legal
Re: Trusts and the IRS
Yes, the IRS can get access to your trust. They are more likely to be interested in your trust after a portion of the trust becomes irrevocable, i.e. when one trustor dies. When these irrevocable trusts try to avoid estate taxes, like charitable remainder trusts, then the IRS may want to examine the trust.
Answered on 5/07/08, 12:20 am
Mitchell Roth
MW Roth, Professional Law Corporation
Re: Trusts and the IRS
The question is too big and the specifics too short. All I can say in this context is that if you are talking about a Revocable Trust, the assets in the trust belong to the Trustor as far as any creditor, including the IRS is concerned.
Answered on 5/08/08, 9:22 am
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