Attorney Andrew Bethel from Bethel Law answers a common question about trusts: Do they need to file a tax return? We explore the differences between revocable and irrevocable trusts, focusing on how these distinctions affect tax filing requirements. Learn why a revocable living trust does not require a tax return during the trustor’s lifetime but may need one after their death. We also dive into the tax obligations of irrevocable trusts, including when they are required to file based on income levels and financial activity. Stay informed about trust tax brackets for 2024 and how they impact your trust's tax obligations. If you’re setting up a trust or managing one, this video provides essential insights to help you navigate your tax responsibilities. Don’t forget to like, subscribe, and share this video with anyone involved in estate planning or trust administration.
00:00 - Introduction 00:34 - Revocable vs Irrevocable 01:18 - Revocable Living Trust 02:50 - Irrevocable Trust 06:34 - Trust Tax Brackets (2024) 07:24 - Closing the Return
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*Disclaimer* Viewing this video does not create the expectation of an Attorney-client relationship. The information from this video is for general information purposes only. Nothing should be taken as legal advice for any individual case or situation.
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By: Bethel Law Title: Do Living Trusts File a Tax Return? Sourced From: www.youtube.com/watch?v=ZyIv2_5AAlA
