What is the name of your state? California
My father left a GST trust for the benefit of my children and me. I'm entitled to the trust's income and my children are entitled to its principal. From what I understand, the principal goes to my children tax free, but I have to pay tax on the income. If I don't take the income and let it accumulate within the trust, does it pass tax free to my children?
Thank you in advance for your time and advice.
My father left a GST trust for the benefit of my children and me. I'm entitled to the trust's income and my children are entitled to its principal. From what I understand, the principal goes to my children tax free, but I have to pay tax on the income. If I don't take the income and let it accumulate within the trust, does it pass tax free to my children?
Thank you in advance for your time and advice.