Q: Will I need to file a separate tax return if I create a living trust?

| Jul 21, 2021 | Estate Planning, Q&A |

A: Not at all! Since the Settlors (the name given to the clients that create the trust) are able to exercise absolute control, dominion and discretion as to all the assets of the trust, no separate EIN will be required, and you will not have to file any separate tax returns while you are alive! In fact, since the trust will use your own social security number as its tax ID number, you will treat any income the trust assets make in the exact same way you have always treated any other income you have made, and report it in your personal income tax return.

If you have any questions about this, please feel free to reach out to us (707-681-5851 or [email protected]) or set up a complimentary consultation at your convenience by clicking on the following link: https://MyNapaLawyer.as.me/