Description: New York Estate Planning & Elder Law Blog — Published by New York Estate Planning & Elder Law Attorneys — Ettinger Law Firm
Office Locations: Albany ; Brooklyn ; Fishkill ; Huntington ; Islandia ; Lake Success ; Melville ; Middletown ; New City ; Rhinebeck ; Rockville Centre ; Saratoga ; Staten Island ; White Plains Schedule an in-office, Zoom or phone consultation Here .
New York Estate Planning & Elder Law Blog Taxation of Trusts Published on: July 13, 2023 | by Ettinger Law Firm Revocable living trusts, where the grantor (creator) and the trustee (manager) are the same person, use the grantor’s social security number and are not required to file an income tax return. All income and capital gains taxes are reported on the individual’s Form 1040.
Irrevocable living trusts come in two main varieties, “grantor” and “non-grantor” trusts. Non-grantor trusts are often used by the wealthy to give assets away during their lifetime and for all income and capital gains taxes to be paid either by the trust or the trust beneficiary but not by them. Gifts to non-grantor trusts are reported to the IRS but are rarely taxable. Currently, the annual exclusion is $17,000 per person per year to as many people as you wish. However, if you go over the $17,000 to any on
Elder Law Attorney Maryland | Estate Attorney Maryland
Elder Law Attorney Maryland | Estate Attorney Maryland
Elder Law Attorney Maryland | Estate Attorney Maryland
Elder Law Attorney Maryland | Estate Attorney Maryland
Elder Law Attorney Maryland | Estate Attorney Maryland