Grantor trusts are trusts which are income taxed to the “substantial owner” of the trust. Usually, the substantial owner is otherwise known as the “grantor” or “trustor.” Nongrantor trusts are trusts which are not grantor trusts. But, what is the tax reporting for grantor and nongrantor trusts? Read on to learn more.
About Victor A. Veprauskas, IV
Victor A. Veprauskas, IV offers his clients highly skilled legal representation throughout the state of Michigan, with his office in Troy (Oakland County), Michigan. Mr. Veprauskas’ practice focuses on estate planning, business succession and the administration of trusts and estates. After years as a litigation attorney, he learned the ability of listening and asking the right questions of clients to meet their specific needs and goals. Each client is special and has unique circumstances. Mr. Veprauskas regularly presents on the topics of estate planning, probate and taxes.