Downs Law Firm, P.C.
Beneficiaries of a trust typically pay taxes on the distributions they receive from the trust’s income rather than the trust itself paying the tax. However, such beneficiaries are not subject to taxes on distributions from the trust’s principal.
The fact is people’s names often change. People get married and divorced, or sometimes they just legally change their names.
Do not put off finalizing and signing your estate planning documents just because you have reached an impasse on who to name as trustee.
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