How to Leave an Estate to a Minor | 2503c Minor’s Trusts Explained

Video by Attorney O’Flaherty

Article written by Illinois Attorney Kevin O’Flaherty

In this article, we’ll define a 2503(c) Minor’s Trust, review the advantages of a 2503(c) Minor’s Trust and disadvantages of a 2503(c) Minor’s Trust, and explain the tax benefits of Minor’s Trusts.

What is a 2503(c) Minor Trust?

Named after the section of the Internal Revenue Code that sets the requirements for the irrevocable trust, the…