Our estate has been successfully distributed and now we wish to close the Revocable Trust. What or how is the less expensive way to accomplished this?
Not legal advice but have your CPA file the closing paperwork with the IRS.
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That answer got my attention. I have all in a revocable living trust, and cannot see any reason to get the IRS involved since they know nothing about for the last 25 years. Explanation?
Revocable trusts generally are not required to file an IRS return (a Form 1041) provided that the individual grantor reports all items of income and allowable expenses on his own Form 1040 or 1040-SR, U.S. Individual Income Tax Return. Thus, if you are the grantor of the living trust, you would pay the total tax liability upon the filing of your return for that taxable year. You are still liable for income taxes due on income earned, even though it was directly paid to the trust.
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