Tax Preparation

Do I need to file taxes for my revocable living trust?

Most revocable living trusts don't require separate tax filings while you're alive. Since you remain the trustee and beneficiary, all trust income and expenses flow through to your personal tax return using your Social Security number. The trust only needs its own tax ID number and separate filings after you pass away, when it becomes irrevocable and may owe taxes on income it generates.