JOINT ASSETS MAY BE SUBJECT TO THE NEW TRUST REPORTING RULES!

If any of the following applies to you, you may be required to file a trust return for 2023:

• Parent is on title of a child’s home (without the parent having beneficial ownership) to assist the child in obtaining a mortgage;

• Parent or grandparent holds an investment or bank account in trust for a child or grandchild;

• Child is on the title of a parent’s home (without the child having beneficial ownership) for probate or estate planning purposes

• Child is on parent’s financial accounts (or other assets) to assist with administration after the parent’s passing;

There are many other scenarios that may require a Trust return.  Reviewing the attached is crucial to determine if you fall under these new reporting rules.

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Filing Deadline:   April 2, 2024

*** Risk of huge penalties upon failing to file!!! ***

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