I am confused about living trust tax provisions and would appreciate clarifications on the following questions
I remember being told that income from a revocable trust over 13k is taxed at the rate of 37%
Is this correct while the grantor is still living or only when the grantee beneficiary receives their inheritance from the trust account.
Will this maximum tax rate apply on proceeds from equity shares beneficiaries might sell in the future OR will such equity share profits be subject to normal capital gains taxes
