“Nongrantor” trusts are trusts which aren’t taxed to a substantial owner pursuant to the grantor trust rules. Such a trust must file its own tax return and the income of the trust would be taxed to it, unless distributed. Read on to learn more.
Edward W. Lovato is a New Mexico native. After graduating from Rio Rancho High School, Edward joined the Marines and served 13 years on active duty in the enlisted and officer ranks, including tours of duty in Iraq and Afghanistan. Edward founded the Rio Rancho law firm of Lovato Law, P.C. in 2017 and he oversees a practice devoted to providing clients with the best in estate planning. Edward attended the University of New Mexico where he earned both his Bachelor of Business Administration and his Juris Doctor (law) degrees.
Latest posts by Edward Lovato (see all)
- Tax Reporting with Trusts - August 31, 2021
- Advantages of Using a “Grantor Trust” in Planning - August 27, 2021
- Taxation of Nongrantor Trusts - August 1, 2021
