NO. The purpose of creating a Living Trust is to avoid living probate, death probate, and reduce or even eliminate state and federal estate taxes. It’s not a vehicle for reducing income taxes. In fact, if you’re the trustee of your Living Trust, you will file your income tax returns exactly as you filed them before the trust existed. There are no new returns to file and no new liabilities are created.
About Maria V. Primushko
As the founder of the law firm, attorney Maria focuses her practice on helping families with estate and legacy planning, as well as other legal matters such as Personal Injury and Bankruptcy Protection. Her goal and that of her team is to provide personalized support and guidance that creates peace of mind for all clients and families, no matter how big or small their estate is.