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.
Michael J. O’Brien is a practicing attorney and a founding partner of Cleveland-based The O’Brien Law Firm LLC. Mr. O’Brien’s firm emphasizes estate and trust planning and administration, probate, corporate planning, family business, family limited partnership and charitable trust and private family foundation planning Read More!
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