Trusts are useful vehicles both during life and after death. This article examines how trusts are income taxed. Grantor trusts are taxed to the grantor, regardless of whether the income is distributed to them. Nongrantor trusts are separate taxpaying entities but get a deduction for distributions to beneficiaries. Read the article to learn more.
About Allen Leavitt
Allen Leavitt was raised in Las Vegas, Nevada. Allen attended University of Nevada-Las Vegas, where he received a bachelor’s degree in Business Administration and Economics in 2006. Then, wanting to couple his business degree with a law degree, Allen attended William S. Boyd School of Law at UNLV. Allen is licensed to practice in all Nevada Courts.