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    Trust Income Tax Basics

    WealthManagement.com
    Mar 21, 2019

    Martin M. Shenkman 

    Trusts are ubiquitous in asset protection and estate planning. Regardless of a client’s
    wealth level, he should be using trusts to avoid problems such as a minor child
    inheriting money outright; giving an adult child an outright inheritance, which is
    risky due to the possibility of divorce; or subjecting a gift or inheritance to the reach
    of a donee’s creditors. But whenever trusts are involved, the wealth planning
    professional (whether a CPA, attorney or wealth manager) must understand how
    the trust is taxed. Here’s an overview for those not familiar with trust income
    taxation. We’ll define some of the jargon that makes this area of the tax law difficult
    for many.

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