Legal Question in Wills and Trusts in Louisiana
Trust Income
Is a gift to a 2503 trust suseptable to income tax for the beneficiary? I know the income is and that the gift is subject to a gift tax. However, is the gift assessed against the beneficiary's income?
Asked on 3/14/07, 5:40 pm
1 Answer from Attorneys
Myrna Arroyo
Myrna E. Arroyo, LLC
Re: Trust Income
The gift to the trust is not subject to income tax, just gift tax. The beneficiairies are not subject to income tax on the amount of the gift to the trust.
Answered on 3/15/07, 9:03 am
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