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Unused Trusts

Unused Trusts

By: Martin M. Shenkman, CPA, MBA, JD

If you have a trust that is no longer used, or was never funded, have the grantor, trustees, beneficiaries and all other parties involved, sign an acknowledgement terminating the trust. Do not leave loose ends! In the event of an IRS audit, or other issue, there is a record of terminating the trust agreed to by all.

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