Advice about Living Trust for Income Taxes

Part of the Video Series Advice for Your Income Tax Deductions

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Learn about living trust and how they apply when filing your income taxes in this free educational video on about understanding your income tax deductions.

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Advice about Living Trust for Income Taxes
Hi I think it would be a good idea to include a little discussion about living trust because they're quite misunderstood and a lot of folks think that they're real pandiseya for all tax hill in fact they're quit often marketed that way. But keep in mind that standard living trust is what we call revocable living trust and the formation of the trust is not changed the way that you file your income tax. Your going to file under your social security number just like always and in fact that you have a trust will make no difference, so when you sit down to setup the living trust which is a wonderful way to hold your property and make easy to pass your property onto your heirs. Don't be lawed into the idea that the living trust is going to solve lots of tax problem. Look more closely and do these items with your personal tax adviser, thank you.

About the Expert

Expert: Tom Choisnet He has been in self-employed tax practice for over 40 years and he has been an enrolled agent since 1968. He has prepared over 35000 tax returns. Read More