No. Certainly not during your lifetime. Generally, trusts and estates are taxed like individuals. In turn, tax principals that apply to individuals will also apply to living trusts. The individual responsible for taxes on income earned by the trusts is the individual who benefits from or receives the income. The liable person for taxes on income received by an estate also depends on how the income is classified. For example, was the income earned by the decedent, the estate or income distributed to the beneficiaries? Any income retained by the trust is taxed to the trust and any distributed income is taxed to the beneficiary.
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