If you didn't know already, a living revocable trust is considered simple because it is reported directly on your return. An irrevocable trust, however, is called a complex trust because it has to file its own tax return.  You want to make sure you handle this carefully because any profit left in an irrevocable trust at the end of the year is taxed at an outrageous rate.

One of my most popular articles deals with trust tax rates, so I recently recorded some videos to better explain trusts and updated the article with the latest numbers.  Read through it to make sure that you understand the different types of trusts and how they work.  You can also check out my videos directly below:

Lee Phillips

P.S. Manage your personal and business affairs in the best way possible to maximize your profits and protect your assets.  Come learn things like this from us in person to make sure you have the best setup for your circumstances by attending our Boot Camp.  Register now at https://www.legalees.com/order/product-info.php?pid17.html