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Fullerton California online Form 1041-QFT: What You Should Know
Tax Court hearing on the executor's application for summary judgment (in its final form) is scheduled for Wednesday. Filing of tax forms is a part of the Funeral Provider Trustee Association's commitment to tax collection and service to funeral clients. The Trustee of the Trust or's Qualified Funeral Trust. What is a Qualified Funeral Trust (QFT)? How will a QFT be treated if I am deceased? Who is the executor? Who is the trustee? A Qualified Funeral Trust (QFT) is a trust established when a person dies for which a qualified trust or revocable living trust is formed in his or her name and remains unencumbered by any living beneficiaries as described in Section 1351 of the Code. See Code Section 1351(c). QFT may be created before, at, or after death. The purpose of the trust is to carry on the interests of the beneficiary(s) of the trust while they are still living and then to pass the assets and liabilities of the trust to other beneficiaries in accordance with their terms. For example, suppose a person is the only beneficiary of a trust and that the trust has a trust office at a U.S. Mail service address. The following chart illustrates the trust agreement's provisions: If a person has a Qualified Funeral Trust (QFT) in effect on the date the person dies, the QFT will automatically be terminated as of the last day before the executor's filing date or the last day of the year following the year in which the person died. Under section 1353(a)(1)(C)(i), the executor will become the trustee of the estate. The executor will file the trust agreement or a notice of termination of the QFT with the Secretary or the District Clerk of the county where the estate is located. If a QFT was not properly established before the person died, filing the trust agreement or a notice of termination of the QFT on the date the person died will not terminate the QFT. The executor's filing date or death-based filing date, depending on how the QFT was established, must be no later than the fifth day of the following February month (see the rules in section 1353(c)(11)(ii)).
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