Does WaterStone Support Foundation replace the grantors’ legal and tax advisors?
Not necessarily. Our grantors often prefer using their own attorney to draft the trust documents according to the grantors’ specifications and in compliance with applicable state and federal regulations. The grantors’ tax advisors will continue to prepare personal tax returns. WaterStone Support Foundation prepares the Trust Tax Return (Forms 1041A and 5227, and K1s) as well as all other necessary trust reports.
