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Get your taxes done using TurboTax
Most family trusts don't change your tax situation at all. They are created and then they aren't funded until the death of one of the principals who created it. So all of your taxable income just continues to operate as though it were held by you.
Some trusts, however, can be more complex. If ownership of a lot of income producing items is transferred to the family trust while you are still alive then the trust may be required to file a tax return reporting that income. When creating the trust you should be consulting with your attorneys about what will be in the trust's name now and what will not be moved until you pass away.
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‎April 1, 2025
11:43 AM