Are Form 8865 Trusts 2024

Hi, this is Lee Phillips. I'm an attorney. I want to talk about trusts with you. I've worked with trusts for a long time, and they're actually neat tools that a lawyer has available to him to help you and your family in many different circumstances. The question is, what is a trust? Let's do the basics. A trust has three players. There's the guy who sets it up, and he's called the grantor, the trustor, or the settlor. I mean all three names that are almost used interchangeably. And in fact, you'll see trusts and part of the way through, they call a guy the grantor. I'm part of the way through that calling the trustor and then it goes on down. Then you've got the trustee. That's the guy who manages the property that's in the trust. He manages the property for the third party, the beneficiaries. And you can obviously have more than one beneficiary. But you've got the guy that sets it up, the manager (the trustee), and then the beneficiaries. The grantor, guys or girls, they get to benefit from the trust. So you've got three players. The trustee is under what we call fiduciary duty. It's his duty to take care of the property in the trust to the benefit of the beneficiaries. And actually, the fiduciary duty is a very well-defined duty within the law. And if you actually understood what the fiduciary duty was, everybody would never act as a trustee did they not happen because it's an extremely high bar that this individual has to make or has to meet. Now, you could be the grantor, the guy who sets it up. You could be the trustee, the guy who trustees it, and you could be the beneficiary, the guy that...