Trusts are useful vehicles both during life and after death. This article examines how trusts are income taxed. Grantor trusts are taxed to the grantor, regardless of whether the income is distributed to them. Nongrantor trusts are separate taxpaying entities but get a deduction for distributions to beneficiaries. Read the article to learn more.
Brandon McGee enjoys a successful law practice focusing on estate planning, elder law, Medicaid preplanning and crisis planning, and probate. Brandon and his team combine legal skills with compassion and understanding to develop estate plans that are personalized to the needs of each of their clients.
Latest posts by Brandon McGee (see all)
- Trustee: an Honor and a Responsibility - October 14, 2021
- How to Provide For Your Children After You’re Gone - October 13, 2021
- Changing “Irrevocable” Trusts Through Judicial and Nonjudicial Modification - October 12, 2021
