Tax
May 5, 2025
Income tax considerations in estate planning: Part 2
Estate planning involves strategic decisions about asset management and transfer, with trusts serving as a key tool; however, the tax implications--ranging from income taxes on trust-generated income to estate and gift tax consequences--can be complex and require careful consideration to align with long-term goals.
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
This article, part 2 of our series on estate planning, explores the income tax consequences of various types of trusts, with a focus on living trusts, irrevocable non-grantor trusts, and the potential tax benefits and drawbacks of each. It also examines the strategic considerations behind transferring appreciating assets to trusts, the impact on both estate and income taxes, and key distinctions that can influence tax outcomes. By understanding these nuances, individuals can ...
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