White Paper

Life Insurance and Trust


U.S. trusts must file annual U.S. income tax returns and are taxable on their worldwide income similar to U.S. individuals.

U.S. trusts will receive a deduction for current income distributed to its beneficiaries. However, a domestic trust that is treated in its entirety as a "grantor trust" for U.S. income tax purposes is not required to file a U.S. income tax return. Instead, the grantor must report any income earned by the trust on their individual income tax return (Form 1040). In the context of a life insurance trust, there generally is no income to be reported by the grantor since the sole asset of the trust is the life insurance policy. Download this white paper to learn more.



Gary S. Wolfe

The Wolfe Law Group

Our author, Gary S. Wolfe, has more than 34 years of experience, specializing in IRS Tax Audits and International Tax Planning/Tax Compliance, and International Asset Protection.

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