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 John D. Laughton, Estate Planning & Elder Law Attorney
Mr. Laughton is an estate planning and elder law lawyer in his 40th year of law practice. He is committed to your peace of mind and solving your problems by providing personalized legal services in a highly ethical, professional, solution oriented, and cost effective manner.