What are the income tax consequences of a Family Trust?
Your income tax should not be affected by the Family Trust. The income earned by the Family Trust is taxed to you and reported on your personal income tax return. The Trust will file an information only tax return. The Family Trust can also have tax free investments. Your trustees are not taxed in any way.
Still Have More Questions?
Contact our experienced Upstate New York elder law attorneys to schedule a free initial consultation.
Our firm focuses our practice on estate planning and Medicaid planning. We are also very experienced in handling elder law, irrevocable trust , revocable trust, basic estate planning(Will, Power of Attorney, Health Care Proxy), Medicaid law , and children with disabilities / supplemental (special) needs trust matters.
The Koldin Law Center handles the entire Medicaid application process for the client with the goal of preserving and protecting some or all of the family life savings from the costs of Nursing Home care.