Taxation of Trust Income

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Taxation of Trust Income - NY State

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Ok-Village9683 is in New York

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So my family recently set up two trusts with my parents assets to make them likely more eligible for Medicaid to protect their assets. One trust for each parent and my sibling is the Trustee. I know that the income generated from these trusts would be taxed at a very high tax rate compared to personal income on the federal level. What is the additional tax rate for NY State on the income generated in the trusts? I am presuming each trust would stand on its own for filing the tax returns? Thanks to all for any response guidance to be forthcoming.

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Ok-Village9683

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New York

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Posted: 3 months ago
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