Tax
Jan. 23, 2024
Are trusts tax-saving, tax-neutral or risky?
Does a revocable trust save you taxes? No, but it doesn’t cost you taxes either. In an irrevocable trust, you can’t take your transfer back or even amend the trust, and it is separately taxable and must file its own tax return.
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
Trusts are common, but there are numerous variations and there is still considerable confusion about what is legal and what is not. There are at least two primary types. One type is common to estate planning, and probably just about everyone should have one. You don’t want to die without a will, but do you need a trust too? Most people, regardless of their financial wherewithal, should not need to admit a will to probate. Probate is public, takes a long time, and is ...
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