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The fiduciary of a domestic decedent's estate, trust, or bankruptcy estate files Form 1041 to report: The income, deductions, gains, losses, etc. of the estate or trust.

The fiduciary (or one of the joint fiduciaries) must file Form 1041 for a domestic trust taxable under section 641 that has: Any taxable income for the tax year, Gross income of $600 or more (regardless of taxable income), or.

Bottom Line. Living trusts have to file tax returns in most cases if they have $600 or more in income for a given tax year. They may also have to file if the living trust is a grantor-controlled trust or a revocable marital trust and both spouses are still living. Trusts that file tax returns do so using Form 1041.

However, qualified dividends and capital gains on assets held for more than 12 months are taxed at lower rates called the long-term capital gains rates. For trusts and estates, there are three long-term capital gains brackets for 2025 (which you'll file in 2026): $0 – $3,250: 0% $3,250 – $15,900: 15%

A trust is a more comprehensive legal document that gives you greater control over when and how your assets are distributed because you can minimize or avoid the probate court process entirely.

Irrevocable trusts cannot be changed or terminated during the grantor's lifetime without all the beneficiaries' permission or court approval. The grantor relinquishes control over the trust and the assets placed in the trust.

Introduction. A trust exists when one person (often called the grantor or settlor) gives property to another person (called the trustee) to hold and manage for one or more other persons (called the beneficiaries).

To make a living trust in Ohio, you: Choose whether to make an individual or shared trust. Decide what property to include in the trust. Choose a successor trustee. Decide who will be the trust's beneficiaries—that is, who will get the trust property. Create the trust document.

Lack of Court Supervision Bypassing probate is a key advantage of trusts, but it comes with the downside of limited court supervision. In probate, the court ensures that assets are distributed ing to the will, providing oversight. With a trust, there is no automatic judicial review.