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Joliet Illinois online Form 1041-QFT: What You Should Know
Org home page) and select the “Tax Information for Qualified Funeral Trusts” link (in the left pane) • choose “Registration for Information.” If you are not an official IRS agent, you may elect to register with IDOL for tax year 2024 or later. 2 A qualifying funeral trust is a group, estate, or trust organized to receive, store, record the benefits of a decedent's estate in trust and which makes an appointment to receive and store these benefits at the death of the trustee and which otherwise meets the legal requirements for a trust. a. A trust which establishes a Qualified Funeral Trust must be organized pursuant to the Uniform Interstate Mortality Trust Act. b. A Qualified Funeral Trust is a trust for the receipt, care, treatment, storage, maintenance, management, transfer, custody, distribution and disposition of property of the decedent at the death of the trustee if (1) the assets are to be managed solely for the benefit of persons other than the deceased, (2) the beneficiary is an individual who dies in the trust, and (3) all the trust's property is to be held in the trust for the purposes described below. c. For purposes of the Uniform Interstate Mortality Trust Act, the term “beneficiary” means any individual other than the trustee or a trust or. d. The term “beneficiary” includes the estate and any person to whom property (or property of the estate) is transferred to satisfy the beneficiary's obligation. The term “beneficiary” means an individual who (1) dies in the trust during or without a surviving spouse, and (2) does not, at the time of the beneficiary's death, have a surviving spouse. e. All estates of the deceased, including trusts, must be accounted for. To be an estate, the trust must satisfy all the following requirements: (1) the trusts are to be governed by Delaware law and its domestic and foreign rules consistent with those of the Uniform Interstate Mortality Trust Act, unless there is a court order that specifically authorizes another state's or foreign law and its domestic and foreign rules to govern the trusts (e.g., a court order permitting the use of California law to govern a Massachusetts trust), or (2) the trustee is to serve all the estate's surviving beneficiaries within the trustee's lifetime. f.
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