QUESTION
Is an income from an irrevocable trust considered an asset?
Asked on Aug 27th, 2012 on Taxation - Michigan
5 ANSWERS
Yes.
Answered on May 22nd, 2013 at 9:56 PM
Trust Attorney serving Cincinnati, OH
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Paul A. Nidich Attorney at Law
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For what purpose? Are you asking about income paid to the Trust or income paid out of the trust to someone?
Answered on Aug 27th, 2012 at 4:12 PM
Elder Law Attorney serving Hollister, CA
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Charles R. Perry
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Income to the trust is treated as income, subject to all typical income tax laws.That income may be taxable, or it may be tax-free, but it is still treated as income. In any accounting of the trust, it will be reflected as income.
Answered on Aug 27th, 2012 at 4:10 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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There is more information required to answer your question definitively. Call my office with details and for an appointment, it is an asset and income.
Answered on Aug 27th, 2012 at 4:09 PM
Peter James DeRose
Of course it is. If you are only entitled to the "income" it may not be your asset.
Answered on Aug 27th, 2012 at 4:09 PM