Columbus, OH asked in Tax Law for Ohio

Q: What are the tax benefits of setting up a trust?

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1 Lawyer Answer
J. Timothy Bender
J. Timothy Bender
  • Tax Law Lawyer
  • Cleveland, OH

A: For most people, there is no income tax advantage to establishing a trust. Under certain circumstances there may be gift or estate tax benefits. You need to have a tax expert look at your particular circumstances to determine if there is a benefit for you before you consider setting up a trust. Most trusts are established for estate tax purposes and/or for non-tax reasons.

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