After you set up a living trust, do you need to report it to the government?

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After you set up a living trust, do you need to report it to the government?

2007-11-12 00:54:15 · 4 answers · asked by hmsung 1 in Politics & Government ➔ Law & Ethics

4 answers

Depends on whether or not you fund it & with what you fund it. If it has a bank account or earns anything it will need a tax ID number & may have to file a tax return.

2007-11-12 01:05:59 · answer #1 · answered by Anonymous · 1⤊ 0⤋

No, you don't have to report it to the government, but you will want to let your family know about it and make sure you discuss it with the person you have set up to be your alternate trustee in case of your death.

2007-11-12 00:57:53 · answer #2 · answered by *Almost ready* 5 · 0⤊ 0⤋

If it is truly a "living trust" you will have to report it to the IRS.

2007-11-12 01:01:53 · answer #3 · answered by Ti 7 · 0⤊ 0⤋

No.

2007-11-12 00:57:29 · answer #4 · answered by regerugged 7 · 0⤊ 0⤋