Complex. A complex trust, by IRC definition, is any trust that retains some of its income and does not distribute all of its income to beneficiaries, or which distributes some or all of the principal to the beneficiaries or charities. The Trust provides that no income will be distributed unless directed by the trustee and the trustee must make sure the trust stays in compliance with IRC Section 643(b).
Appears in 2 contracts
Sources: Trust Agreement, Trust Agreement