Tax Season Planning

How does creating a trust during tax season affect my current year taxes?

Creating a revocable living trust typically doesn't change your current year tax obligations since you remain the tax owner of trust assets. The trust uses your Social Security number and all income flows through to your personal return. However, if you make gifts to irrevocable trusts or take advantage of the annual gift exclusion of $19,00026 USC § 2503(b); Rev. Proc. 2025-32Verified Feb 4, 2026 per recipient, you may need to file additional forms. Consider timing trust creation and funding decisions around your overall tax planning strategy for the year.