Does a Trust affect my income taxes, or cause a reassessment of property taxes?

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  4. Does a Trust affect my income taxes, or cause a reassessment of property taxes?

Setting up a Living Trust will not affect the way you file your income tax returns. The IRS and state tax authorities essentially disregard a living trust, and you continue filing your return using your social security number.

Titling your real property in the name of your Trust will also not trigger a reassessment of property taxes. The transfer to a revocable trust is seen as a transfer to yourself (since your trust will continue to use your SSN for tax purposes), thereby not triggering a reassessment of property taxes.

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