What is the name of your state? NY
We are considering an irrevocable trust for purposes of protecting assets from Medicaid. We currently own two rental properties that could be put into the trust. Our taxable income is low enough that the income from those properties is not currently taxed. If we put the properties into a trust would the trust pay taxes on net rental income received? Thank you.
We are considering an irrevocable trust for purposes of protecting assets from Medicaid. We currently own two rental properties that could be put into the trust. Our taxable income is low enough that the income from those properties is not currently taxed. If we put the properties into a trust would the trust pay taxes on net rental income received? Thank you.