What Are the Tax Considerations of Establishing an Irrevocable Trust?

Irrevocable trusts are generally considered separate tax entities. The income earned by trust assets may be taxed to the trust itself or passed through to beneficiaries, depending on whether the income is distributed. Trusts face a compressed income tax bracket, which means income retained within the trust may be taxed at a higher rate than if the same income were taxed to an individual. Careful tax planning is necessary to maximize the tax-saving potential of an irrevocable trust.

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