Trust Income Tax Rates PDF Advice Info Form

Instructions and help about Trust Income Tax Rates PDF Advice Info

let's talk a little bit about trusts and Taxation there are two kinds of trusts that matter when we're talking about Taxation and that's revocable trusts also known as living trusts and irrevocable trusts now when you create a revocable trust you are the grantor that means you're the one who's creating it it's also known as the settler and you are making a contract an agreement with a trustee who also happens to be you to hold whatever funds and assets are in the Trust on behalf of the beneficiary who is also you so you're the grantor the trustee and the beneficiary and because of that the trust is really flexible you can take things in put things in take things out there's really no limitation to how you interact with the trust and because of that because you could cancel the trust at any moment revoke it if you want it's called revocable because of that there's no tax consequences the trust operates under your social security number and it's just as if the assets were owned by you wi