With an irrevocable trust, if I am the grantor and trustee, can I withdraw funds from the account and will it be simply considered income and taxed at my effective tax rate?
My online brokerage will let me buy/sell stocks within the trust, once its set up.
Are capital gain profits made in a trust account taxable ?
Reading
this, it seems that trusts are taxed just like individuals, but the rates are a little different.
A trust is created when you (the grantor) transfer property to a trustee for the benefit of a third
person (the beneficiary). An estate is the assets and liabilities left by a person at death. Both a trust
and an estate are separate, legal, taxpaying entities, just like any individual. Income earned by the
trust or estate property (e.g., rents collected from real estate) is income earned by the trust or
estate.
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