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Income beneficiary |
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Income beneficiary One who receives income from a trust. |
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| However, once the grantor revokes the provision that causes the trust to be a grantor trust, the current income beneficiary is required to make the QSST election within two months and 16 days. For example, a surviving spouse who is also an income beneficiary and the sole trustee of a trust cannot adjust between principal and income, but may make the unitrust conversion. The estate and tax planners determined the best strategy was to develop a series of six different trusts, with her mother as the income beneficiary, and the children as the the principal beneficiaries. |
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Income beneficiary
