{"id":6476,"date":"2025-08-25T07:38:36","date_gmt":"2025-08-25T07:38:36","guid":{"rendered":"https:\/\/oandgaccounting.com\/staging\/?p=6476"},"modified":"2025-08-25T07:40:29","modified_gmt":"2025-08-25T07:40:29","slug":"trusts-estates-and-taxes-explained-simple-guide-to-income-tax-beneficiary-rules-gift-tax-est","status":"publish","type":"post","link":"https:\/\/oandgaccounting.com\/staging\/trusts-estates-and-taxes-explained-simple-guide-to-income-tax-beneficiary-rules-gift-tax-est\/","title":{"rendered":"Trusts, Estates, and Taxes Explained Simple Guide to Income Tax, Beneficiary Rules, Gift Tax, Est"},"content":{"rendered":"
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Trusts, Estates, and Taxes Explained: Simple Guide to Income Tax, Beneficiary Rules, Gift Tax, Estate Tax, and GSTT (2025 Update)<\/h3>\n<\/p><\/div>\n<\/div>\n
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Q1. Who pays tax on trust or estate income?<\/h5>\n

Either the trust\/estate itself or its beneficiaries. If income is kept inside, the trust\/estate pays. If it\u2019s distributed, the beneficiaries usually pay.<\/p>\n

Q2. Do trusts and estates use the same tax rates as people?<\/h5>\n

Not exactly. They use special brackets, and the top rate (37%) kicks in at just over $15,000 of income \u2014 much faster than for individuals.<\/p>\n

Q3. What\u2019s a \u201csimple trust\u201d?<\/h5>\n

One that must give out all its income every year, doesn\u2019t give away the principal, and doesn\u2019t donate to charity.<\/p>\n

Q4. What\u2019s a \u201ccomplex trust\u201d?<\/h5>\n

Any trust that isn\u2019t \u201csimple.\u201d It can hold back income, give away principal, or make charitable gifts.<\/p>\n

Q5. What\u2019s a \u201cgrantor trust\u201d?<\/h5>\n

A trust where the person who set it up (the grantor) is still treated as the owner for tax purposes. The IRS ignores the trust and taxes the grantor directly.<\/p>\n

Q6. What makes a trust a grantor trust?<\/h5>\n

If the grantor keeps control (like the right to revoke, or income can be used for their spouse or dependents), then it\u2019s a grantor trust.<\/p>\n

Q7. Are all revocable trusts grantor trusts?<\/h5>\n

Yes. If the grantor can change or cancel it, all income is taxed to them.<\/p>\n

Q8. Who are income vs. remainder beneficiaries?<\/h5>\n

Income beneficiaries get yearly earnings (like interest\/dividends). Remainder beneficiaries get what\u2019s left when the trust ends.<\/p>\n

Q9. When must an estate file a tax return?<\/h5>\n

If it earns $600 or more in a year.<\/p>\n

Q10. When must a trust file a tax return?<\/h5>\n

If it has any taxable income or $600+ of gross income.<\/p>\n

Q11. Which IRS form is used for trusts and estates?<\/h5>\n

Form 1041.<\/p>\n

Q12. When is Form 1041 due?<\/h5>\n

By the 15th day of the 4th month after the tax year ends (April 15 for calendar-year trusts).<\/p>\n

Q13. Can estates use a fiscal year?<\/h5>\n

Yes. They can pick a year that ends any month within 12 months after death.<\/p>\n

Q14. Can trusts use a fiscal year?<\/h5>\n

Usually no \u2014 most must use a calendar year (Jan\u2013Dec).<\/p>\n

Q15. Is alternative minimum tax (AMT) applied?<\/h5>\n

Yes. Trusts and estates calculate AMT just like individuals.<\/p>\n

Q16. What\u2019s the difference between \u201cprincipal\u201d and \u201cincome\u201d?<\/h5>\n

Principal is the main property (like stocks, house). Income is the return it produces (like dividends, rent).<\/p>\n

Q17. Is selling stock principal or income?<\/h5>\n

It\u2019s principal. The gain belongs to the estate\/trust itself, not the income beneficiary.<\/p>\n

Q18. Who decides what counts as income vs. principal?<\/h5>\n

State law, often based on the Revised Uniform Principal and Income Act (RUPIA).<\/p>\n

Q19. Can a trust distribute capital gains to beneficiaries?<\/h5>\n

Usually no \u2014 capital gains are principal, so the trust pays tax on them.<\/p>\n

Q20. Do trusts and estates get a standard deduction like individuals?<\/h5>\n

No. Instead, they get a small exemption ($600 estate, $300 simple trust, $100 complex trust).<\/p>\n

Q21. Are trustee or executor fees deductible?<\/h5>\n

Yes, they can deduct reasonable fees.<\/p>\n

Q22. Are funeral expenses deductible on Form 1041?<\/h5>\n

No. They are deductible on the estate tax return (Form 706), not on the income tax return.<\/p>\n

Q23. Can depreciation be deducted?<\/h5>\n

Yes. If the trust earns income from property, depreciation is split between trust and beneficiaries.<\/p>\n

Q24. Can medical bills of the decedent be deducted on Form 1041?<\/h5>\n

No, they go on the decedent\u2019s final personal tax return.<\/p>\n

Q25. Are charitable contributions deductible?<\/h5>\n

Only if the trust document allows it. And they are not limited by adjusted gross income (AGI) like for individuals.<\/p>\n<\/p><\/div>\n<\/div>\n

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2.\tBeneficiary\u2019s Taxable Income<\/h3>\n

Basics of Beneficiary Taxation<\/strong><\/p>\n

Q1. Do beneficiaries pay tax on money they receive from a trust?<\/h5>\n

Yes, if the money comes from the trust\u2019s taxable income. The trust passes the tax burden to the beneficiary through a Schedule K-1.<\/p>\n

Q2. Do beneficiaries always pay tax on everything they receive?<\/h5>\n

No. They only pay on the portion of trust income classified as taxable under the IRS\u2019s \u201cdistributable net income\u201d (DNI) rules.<\/p>\n

Q3. What is DNI in simple words?<\/h5>\n

Think of DNI as the maximum amount of trust income that can be taxed to beneficiaries. It\u2019s a limit so they don\u2019t pay more than what the trust actually earned.<\/p>\n

Q4. If the trust distributes more than DNI, do beneficiaries pay on the excess?<\/h5>\n

No. Any amount above DNI is considered a return of principal (corpus) and is tax-free to the beneficiary.<\/p>\n

Q5. How are simple trust beneficiaries taxed?<\/h5>\n

They are taxed on the income the trust must distribute each year \u2014 even if they didn\u2019t actually receive it.<\/p>\n

Q6. How are complex trust beneficiaries taxed?<\/h5>\n

They are taxed on what is required to be distributed plus any additional discretionary distributions, but still limited by DNI.<\/p>\n

Q7. What happens if a trust earns $10,000 but is required to distribute $6,000?<\/h5>\n

The beneficiary is taxed on $6,000, and the trust pays tax on the $4,000 it keeps.<\/p>\n

Q8. What if the trust\u2019s document says \u201call income must be distributed\u201d?<\/h5>\n

That\u2019s a simple trust rule. The beneficiary will be taxed on all the trust\u2019s taxable income, whether or not the trustee actually distributes it.<\/p>\n

Q9. Do beneficiaries pay tax on the same \u201ctype\u201d of income the trust earned?<\/h5>\n

Yes. If the trust got dividends, the beneficiary reports dividends. If the trust got tax-exempt interest, the beneficiary reports tax-exempt interest.<\/p>\n

Q10. Can beneficiaries receive tax-exempt income?<\/h5>\n

Yes. For example, if part of the trust\u2019s income is municipal bond interest, the beneficiary gets that portion tax-free.<\/p>\n

Q11. What about capital gains?<\/h5>\n

Usually capital gains stay in the trust and are taxed to the trust \u2014 unless the trust document or state law allocates them to beneficiaries.<\/p>\n

Q12. So if the trust sells stock and keeps the gain, do beneficiaries pay?<\/h5>\n

No. The trust pays tax, because capital gains usually belong to the trust\u2019s principal, not its income.<\/p>\n

Q13. Example: A trust earns $12,000, requires $6,000 distribution, and has DNI of $12,000. What\u2019s taxable to the beneficiary?<\/h5>\n

$6,000. The trust keeps $6,000 and pays tax on it.<\/p>\n

Q14. Example: A simple trust earns $10,000 and must distribute it all. The DNI is $10,000. What\u2019s taxable to the beneficiary?<\/h5>\n

The entire $10,000, even if the trustee didn\u2019t physically distribute it by year-end.<\/p>\n

Q15. Example: A trust distributes $20,000 to 5 beneficiaries, but DNI is $60,000. How much does each report?<\/h5>\n

$12,000 each ($60,000 \u00f7 5). The law spreads DNI across them, regardless of how much cash they got.<\/p>\n

Q16. How do beneficiaries know what to report?<\/h5>\n

They receive a Schedule K-1 (Form 1041) from the trustee, showing their share of income, deductions, and credits.<\/p>\n

Q17. What if the K-1 says I received \u201cinterest income\u201d?<\/h5>\n

That means you report it as interest income on your personal return \u2014 the trust\u2019s income character carries over to you.<\/p>\n

Q18. Do beneficiaries ever report deductions from the trust?<\/h5>\n

Yes. They can sometimes claim items like depreciation or excess deductions if passed through.<\/p>\n

Q19. Can beneficiaries get a credit through a trust?<\/h5>\n

Some credits (like foreign tax credits) may flow through, but many personal credits (like child tax credit) do not.<\/p>\n

Q20. What if the trust distributes more than its income?<\/h5>\n

Beneficiaries only report taxable income up to DNI. The extra is treated as tax-free return of principal.<\/p>\n

Q21. What if the trust distributes less than DNI?<\/h5>\n

Only the distributed portion is taxed to the beneficiaries; the trust pays tax on the rest.<\/p>\n

Q22. What if an estate distributes property instead of cash?<\/h5>\n

The beneficiary\u2019s taxable income is based on DNI, not on the fair market value of property received.<\/p>\n

Q23. What if I receive a specific bequest, like my grandmother\u2019s ring?<\/h5>\n

Specific bequests given in a few installments are not taxable income \u2014 they\u2019re treated as inheritance, not earnings.<\/p>\n

Q24. Do estimated tax payments made by a trust ever pass through to beneficiaries?<\/h5>\n

Yes. A trustee can elect to treat payments as made by the beneficiary, usually in the estate\u2019s final year.<\/p>\n

Q25. Do beneficiaries get the qualified business income deduction (QBID) through trusts?<\/h5>\n

Yes, trusts and estates can pass through QBID to beneficiaries if they earn qualified business income.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n

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3. Gift Tax<\/h3>\n

Basics of Gift Tax<\/strong><\/p>\n

Q1. What is a gift for tax purposes?<\/h5>\n

A gift is when you give someone money or property without expecting to get paid back.<\/p>\n

Q2. Who pays gift tax \u2014 the giver or the receiver?<\/h5>\n

The giver (donor) pays any gift tax, not the person receiving it.<\/p>\n

Q3. Do small gifts get taxed?<\/h5>\n

No. The first $19,000 per person per year (2025) is tax-free.<\/p>\n

Q4. Is the $19,000 rule per donor or per recipient?<\/h5>\n

Per recipient. You can give $19,000 to as many people as you want each year.<\/p>\n

Q5. What if I give more than $19,000 to someone?<\/h5>\n

The extra counts against your lifetime exemption before you owe tax.<\/p>\n

Q6. What is the lifetime exemption?<\/h5>\n

It\u2019s the total amount you can give away tax-free during your lifetime, above annual exclusions. For 2025, it\u2019s $13.99 million.<\/p>\n

Q7. Does the lifetime exemption apply to both gift and estate taxes?<\/h5>\n

Yes. Gifts during life reduce how much is tax-free at death.<\/p>\n

Q8. What\u2019s the maximum gift tax rate?<\/h5>\n

40% on taxable gifts above $1 million (after exclusions\/exemptions).<\/p>\n

Q9. Do small gifts like birthday or holiday presents need reporting?<\/h5>\n

No, as long as they\u2019re under $19,000 per person per year.<\/p>\n

Q10. Is there a special form for gift taxes?<\/h5>\n

Yes. You use Form 709 (Gift Tax Return) if your gifts exceed the annual exclusion.<\/p>\n

Q11. Are payments for someone\u2019s tuition a gift?<\/h5>\n

Not if you pay the school directly. Tuition payments are fully excluded.<\/p>\n

Q12. Are payments for someone\u2019s medical bills a gift?<\/h5>\n

Not if you pay the hospital or doctor directly. Those are excluded too.<\/p>\n

Q13. What if I give money to someone so they can pay their tuition or hospital bill themselves?<\/h5>\n

Then it\u2019s a taxable gift \u2014 you must pay the provider directly to qualify for the exclusion.<\/p>\n

Q14. Are political contributions taxable gifts?<\/h5>\n

No, political donations are not considered gifts for tax purposes.<\/p>\n

Q15. Are support payments (like child support or alimony) gifts?<\/h5>\n

No. They are legal obligations, not gifts.<\/p>\n

Q16. What is gift splitting?<\/h5>\n

Married couples can agree to treat one spouse\u2019s gift as if both gave half.<\/p>\n

Q17. Example: If a husband gives his daughter $38,000, how does splitting work?<\/h5>\n

It\u2019s treated as $19,000 from each spouse, so no taxable gift.<\/p>\n

Q18. Do both spouses have to file if they split gifts?<\/h5>\n

Yes. Each files a Form 709, or one spouse signs the other\u2019s return to consent.<\/p>\n

Q19. Can gift splitting apply if one spouse is a nonresident alien?<\/h5>\n

No. Both must be U.S. persons.<\/p>\n

Q20. Is there a limit to spousal gifts?<\/h5>\n

No, if the spouse is a U.S. citizen. If not, the limit is $190,000 in 2025.<\/p>\n

Q21. If I give someone property, what\u2019s their tax basis?<\/h5>\n

They take your basis (what you paid), adjusted if you paid gift tax.<\/p>\n

Q22. Example: If you give land worth $98,000 that you bought for $63,000, what happens?<\/h5>\n

The recipient\u2019s basis is your $63,000 plus some of the gift tax you paid.<\/p>\n

Q23. What if I lend money to a family member with no or low interest?<\/h5>\n

The IRS may treat the \u201cmissing interest\u201d as a gift.<\/p>\n

Q24. Are small family loans ignored?<\/h5>\n

Yes, if the total loans are under $10,000. Larger loans may require imputed interest.<\/p>\n

Q25. Do gifts from foreigners need reporting?<\/h5>\n

Yes. If a U.S. person receives more than $100,000 from a foreign individual\/estate (or $19,570 from a foreign corporation\/partnership), it must be reported on Form 3520.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n

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4. Estate Tax<\/h3>\n

Basics of Estate Tax<\/strong><\/p>\n

Q1. What is the estate tax?<\/h5>\n

It\u2019s a tax on the transfer of a person\u2019s property when they die.<\/p>\n

Q2. Who pays estate tax \u2014 the estate or the heirs?<\/h5>\n

The estate pays first, out of estate assets, before heirs get their share.<\/p>\n

Q3. Do all estates pay estate tax?<\/h5>\n

No. Only very large estates above $13.99 million (2025) are taxable.<\/p>\n

Q4. What if the estate is below $13.99 million?<\/h5>\n

No federal estate tax is due, but heirs may still owe income tax on certain items they later receive.<\/p>\n

Q5. Is the estate tax separate from state inheritance taxes?<\/h5>\n

Yes. Some states have their own death or inheritance taxes in addition to the federal estate tax.<\/p>\n

Q6. What goes into the \u201cgross estate\u201d?<\/h5>\n

Everything the person owned or had rights to \u2014 cash, houses, stocks, retirement accounts, life insurance (if controlled), and business interests.<\/p>\n

Q7. Are joint accounts included?<\/h5>\n

Yes. Generally the full value is included, unless you can prove the co-owner contributed money.<\/p>\n

Q8. How are married couples treated with joint property?<\/h5>\n

Half of jointly owned property is included in the deceased spouse\u2019s estate, regardless of who paid.<\/p>\n

Q9. Are life insurance proceeds taxed in the estate?<\/h5>\n

Yes, if the decedent owned the policy or could change the beneficiary.<\/p>\n

Q10. What about gifts made shortly before death?<\/h5>\n

Gifts within 3 years of death may be pulled back into the estate (especially life insurance transfers).<\/p>\n

Q11. Can funeral costs reduce the estate tax?<\/h5>\n

Yes, they are deductible on the estate tax return.<\/p>\n

Q12. What about debts the person owed?<\/h5>\n

Yes, valid debts are deductible (like mortgages, credit cards, medical bills).<\/p>\n

Q13. Can charitable bequests reduce the estate?<\/h5>\n

Yes, gifts to qualified charities are deductible in full.<\/p>\n

Q14. What about property left to a spouse?<\/h5>\n

Unlimited deduction if the spouse is a U.S. citizen. If not, it\u2019s capped at $190,000 in 2025 unless a special trust (QDOT) is used.<\/p>\n

Q15. What is the \u201capplicable credit amount\u201d (ACA)?<\/h5>\n

A credit that shields up to $13.99 million (2025) of estate transfers from tax.<\/p>\n

Q16. What is \u201cportability\u201d?<\/h5>\n

If one spouse dies and doesn\u2019t use all their exemption, the unused portion can be transferred to the surviving spouse.<\/p>\n

Q17. Example: Husband dies using $3M of his $13.99 M exemption. What does the wife have?<\/h5>\n

She gets her own $13.99 M plus his unused $10.61M = $24.98M total exemption.<\/p>\n

Q18. Does portability happen automatically?<\/h5>\n

No. The estate must file Form 706 to elect portability, even if no tax is due.<\/p>\n

Q19. How are assets valued for estate tax?<\/h5>\n

At their fair market value on the date of death, or 6 months later if the executor elects the alternate valuation date.<\/p>\n

Q20. What is a \u201cstepped-up basis\u201d?<\/h5>\n

Heirs usually get property valued at its date-of-death value. This often reduces future capital gains tax if they sell.<\/p>\n

Q21. Example: Mom bought land for $100,000, worth $600,000 when she dies. What\u2019s the heir\u2019s basis?<\/h5>\n

$600,000 \u2014 the \u201cstepped-up\u201d value.<\/p>\n

Q22. Can heirs increase the step-up beyond what\u2019s reported on the estate return?<\/h5>\n

No. The estate must file Form 8971 to lock in the reported value.<\/p>\n

Q23. When is the estate tax return (Form 706) due?<\/h5>\n

Within 9 months of death, with an optional 6-month extension.<\/p>\n

Q24. What if the estate doesn\u2019t have cash to pay?<\/h5>\n

The IRS may allow installment payments, especially if most of the estate is a closely held business.<\/p>\n

Q25. What happens if the executor doesn\u2019t pay the tax?<\/h5>\n

The IRS can hold the executor personally liable, but they can recover funds from beneficiaries if needed.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n

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5.\tGeneration-Skipping Transfer Tax (GSTT)<\/h3>\n

Basics of GSTT<\/strong><\/p>\n

Q1. What is the GSTT?<\/h5>\n

It\u2019s an extra tax on transfers of money or property that \u201cskip\u201d a generation \u2014 like giving assets directly to your grandkids instead of your kids.<\/p>\n

Q2. Why does this tax exist?<\/h5>\n

To stop wealthy families from avoiding estate tax at each generation by skipping straight to grandchildren.<\/p>\n

Q3. Who pays the GSTT?<\/h5>\n

It depends \u2014 the donor pays for direct gifts (direct skips), the recipient pays for taxable distributions, and trustees pay for taxable terminations.<\/p>\n

Q4. Is GSTT in addition to gift or estate tax?<\/h5>\n

Yes. It\u2019s a separate layer of tax on top of regular gift or estate tax.<\/p>\n

Q5. What is the GSTT rate?<\/h5>\n

The maximum estate\/gift tax rate \u2014 40% in 2024.<\/p>\n

Q6. What\u2019s a \u201cskip person\u201d?<\/h5>\n

Someone two or more generations below you, like a grandchild, or a non-relative more than 37\u00bd years younger.<\/p>\n

Q7. Is my child a skip person?<\/h5>\n

No, only grandchildren, great-grandchildren, etc.<\/p>\n

Q8. What about a trust?<\/h5>\n

A trust is a skip person if all its beneficiaries are skip persons.<\/p>\n

Q9. If I give to my grandchild, is GSTT automatic?<\/h5>\n

Yes, unless you use your GST exemption (see below).<\/p>\n

Q10. What if I give to a relative close in age, like a niece?<\/h5>\n

The law measures by generations. A niece is one generation below you, so not a skip person.<\/p>\n

Q11. What is a \u201cdirect skip\u201d?<\/h5>\n

A transfer subject to estate or gift tax made directly to a skip person, like giving your grandchild $500,000 outright.<\/p>\n

Q12. What is a \u201ctaxable distribution\u201d?<\/h5>\n

A payment from a trust to a skip person (grandchild) that isn\u2019t a direct skip.<\/p>\n

Q13. Who pays tax on a taxable distribution?<\/h5>\n

The beneficiary (the grandchild, in this case).<\/p>\n

Q14. What is a \u201ctaxable termination\u201d?<\/h5>\n

When non-skip people\u2019s interests in a trust end (like when your child dies) and only skip people (grandchildren) are left.<\/p>\n

Q15. Who pays tax on a taxable termination?<\/h5>\n

The trustee, from the trust assets.<\/p>\n

Q16. How much can I give free of GSTT?<\/h5>\n

You have a $13.99 million lifetime exemption (2025), separate from the annual exclusion.<\/p>\n

Q17. Can couples combine their exemptions?<\/h5>\n

Yes, with gift splitting, they can shield up to $27.98 million (2025).<\/p>\n

Q18. Do annual exclusions apply to GSTT?<\/h5>\n

Yes. Each person can give $19,000 (2025) per year per donee, even to a grandchild, without triggering GSTT.<\/p>\n

Q19. What about paying tuition or medical bills directly for a grandchild?<\/h5>\n

Those payments are excluded from both gift tax and GSTT.<\/p>\n

Q20. Does appreciation after I allocate my exemption get taxed?<\/h5>\n

No. Once you allocate GST exemption to property, all future growth is also exempt.<\/p>\n

Q21. Example: I give my grandson $100,000 in 2025. What happens?<\/h5>\n

The first $19,000 is excluded. The remaining $81,000 reduces your lifetime GST exemption. No GSTT is due if you have exemption left.<\/p>\n

Q22. Example: I set up a trust for my daughter, then it passes to my grandson after she dies. Is GSTT owed now?<\/h5>\n

Not at your gift. The GSTT applies later \u2014 when your daughter\u2019s interest ends (a taxable termination).<\/p>\n

Q23. Example: I leave $4.5M directly to my grandson at death. What happens?<\/h5>\n

If you haven\u2019t used your $13.99 M GST exemption, you apply it. No GSTT due.<\/p>\n

Q24. Example: A 95-year-old leaves property to her 30-year-old neighbor. Is that GSTT?<\/h5>\n

Yes. Since the neighbor is more than 37\u00bd years younger, the IRS treats it like skipping two generations.<\/p>\n

Q25. Do foreign heirs trigger GSTT?<\/h5>\n

Yes, GSTT applies regardless of whether the skip person is in the U.S. or abroad, if the transfer is subject to U.S. estate\/gift tax.<\/p>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Trusts, Estates, and Taxes Explained: Simple Guide to Income Tax, Beneficiary Rules, Gift Tax, Estate Tax, and GSTT (2025 Update) Q1. Who pays tax on trust or estate income? Either the trust\/estate itself or its beneficiaries. If income is kept inside, the trust\/estate pays. If it\u2019s distributed, the beneficiaries usually pay. Q2. Do trusts and … Continue reading “Trusts, Estates, and Taxes Explained Simple Guide to Income Tax, Beneficiary Rules, Gift Tax, Est”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":6477,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"acf":[],"yoast_head":"\nTrusts, Estates, and Taxes Explained Simple Guide to Income Tax, Beneficiary Rules, Gift Tax, Est - O&G Tax and Accounting<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/oandgaccounting.com\/staging\/trusts-estates-and-taxes-explained-simple-guide-to-income-tax-beneficiary-rules-gift-tax-est\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Trusts, Estates, and Taxes Explained Simple Guide to Income Tax, Beneficiary Rules, Gift Tax, Est - O&G Tax and Accounting\" \/>\n<meta property=\"og:description\" content=\"Trusts, Estates, and Taxes Explained: Simple Guide to Income Tax, Beneficiary Rules, Gift Tax, Estate Tax, and GSTT (2025 Update) Q1. 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