Printable Form 8855 Vallejo California 2020-2025

Printable Form 8855 Vallejo California: What You Should Know

Form 8855 (Rev. October 2009) (Regenerates.gov, 2018) How to Make a Qualified Revocable Trust Election on Your Personal Tax Return The trust must qualify as a qualified revocable in the hands of the executor and the trustee. If the trust meets the requirements to qualify as qualified but has an existing property interest, the surviving trustee will be responsible for collecting any prior taxes on the surviving property, as well as any current taxes paid. You choose whether your own property is considered to be property of someone else as the executor and trustee of the trust. It is up to the trustee/executor to determine whether the property belongs to the trust or the estate itself. Any property other than money which is in the trust's possession is considered property of the estate. Any property that is in the control of the trust is considered property of the estate. The executor and the trustee must agree to make the election. The following will not qualify your trust as a qualified revocable trust for income tax purposes: You own an interest in your life insurance policy in which the holder is your spouse or former spouse You own property you have a right to receive from the trust before you die You have a life insurance policy or contract which requires the transfer of assets of the trust to the beneficiary at death, and the plan documents allow you to withdraw the funds prior to the death date; Example: If you die before age 71, you may transfer all of your property (including a life insurance policy) to your spouse; You own a life insurance policy (an “investment property”) which you may receive before death by “selling” or transferring to the estate; Example: You have invested in a life insurance policy and want to donate it to Your Father. You may transfer all of your interest in the insurance policy when you die, but before transfer to the estate. This includes the life insurance policy as well. If the trust is a single-life life insurance policy, it only qualifies as a qualified revocable if you can revoke the term of the contract when you die. You can request a revocation at any time by calling us at, by mail, or by filling out Form 8855 (Rev. October 2009). Your life insurance policy is not an investment property.

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