What are the income tax consequences of putting my assets into my name as trustee of my living trust?
A. When a living trust is created by someone for his/her/their benefit, it is considered by the I.R.S. to be a Grantor trust. The Grantor can continue to file income tax returns just the same as before (Although I usually suggest that a notation be made in the tax return to the effect that assets are held by the taxpayer in his/her/their living trust.) The same social security number can be and should be used. As such time as a successor trustee takes over a new tax identification number will be needed, unless the trust assets are distributed prompted to the heirs and beneficiaries. Q.
