When setting up a grantor trust for the first time in Lacerte, input is required in two places, with an option to edit and update the grantor letter in a different location.
To select the entity:
- Select Screen 1, Client Information.
- Scroll down to Miscellaneous Info section.
- Select Grantor Trust from the Type of Entity dropdown box.
To set up the beneficiary information:
- Go to Screen 6, Beneficiary/Grantor Information.
- Enter the information for the beneficiary.
- To add or remove beneficiaries, use the Add or Delete buttons in the left menu.
- Go to Screen 10, Grantor Distributions.
- Enter amounts in the Grantor Percentages subsection.
To edit the grantor letter:
- Go to Screen 11, Grantor Letter Options.
- Scroll through the options to change the appearance and content of the letter.
- For example, you can add or remove a graphic border by entering a 0 or 1 in the field Print graphics border: 1=yes, 2=no[O].