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Understanding the intersection of Revocable and Irrevocable trusts is the key to mastering your family's tax liability. From leveraging the "SALT" deduction in a Non-Grantor trust to navigating New York's 3-year gift "clawback," every move you make today impacts your heirs' inheritance. This final installment of our series reveals how your Will and Trust work together to maximize your exemptions and "Fix" your tax roadmap for good.

If you’ve recently moved assets into a Revocable Living Trust, you might be wondering how your tax filing will change this season. In New York, these trusts are typically treated as "pass-through" entities, meaning income from rental properties, annuities, or investments is reported directly on your personal 1040 using your Social Security number. This post breaks down exactly what documentation you need for New York and Federal filings, along with the current rules for tax-free gifting.