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Didn't see this one in my perusal of the board.

What are the filing requirements for Life Insurance Trusts? I understand that I need an EIN, but the trust will never have any income. Do I need to file something with the IRS (and state) every year? Just the first year? Should I file something, anyway, just for the record, to demonstrate zero income? My recollections from previous conversations with lawyers and reading was that no income = no filing requirement; can anyone confirm if this is true?

Real question is do I really need to pay a lawyer/tax advisor/outside trustee every year? Seems to me I should be able to do it myself. Or are there hidden pitfalls I'm liable to fall into, such as this one?

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