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Financial Planning / Tax Strategies
|Subject: Re: trust taxes||Date: 4/26/2005 6:47 PM|
|Author: yFool||Number: 78976 of 122684|
thanks for your reply
my brother and i are grantors and trustees
my parents are the beneficiaries
my understanding is that income generated by the trust is treated as income of the grantors (who are reimbursed for the tax they pay).
it gets even stickier, my brother lives in NY and i live in CA (both high income tax states) since CA's tax rate is slightly higher than NY i think i'll go with a CA tax free MMA, so on my brother's side he'll get the federal, but not the state exemption.
hmmm guess i have to look at the spreads of each to see...
paper or plastic...<head about to explode>
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