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 Carolyn Thompson
Carolyn A. Thompson founded Thompson Law, P.C. in 2003 in order to create an estate and business planning law firm that helps pass on the legacy, values, and stewardship of its clients. Carolyn has sought out, developed, and trained attorneys dedicated to listening to a client’s life story, including their goals and concerns, and to creating a customized estate or business plan to address the individual circumstances of each client.