With all the amazing things Trusts can do, it is no surprise that some people have also found ways to devise, sometimes very clever, abusive trust schemes.
Fortunately for us, the IRS is also very aware of the various ways in which these are designed and has provided some very good guidance.
As a quick summary if you hear any of the following
- Common Law Trust
- Pure Trust
- Constitutional Trust
- Business Trust
While none of these "trusts" are inherently abusive, if these names are used there is a strong likelihood that the advice going along with these types of trusts is.
Because this guidance is so good, and instead of restating it, I am simply going to provide the IRS link here:
https://www.irs.gov/businesses/small-businesses-self-employed/abusive-trust-tax-evasion-schemes
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