Trusts in America: A Statistical Look

Every year, the Internal Revenue Service puts together a study of various forms of income coming from trusts. This information provides a view into how Americans organize their estates and utilize different types of trusts.

If you are considering setting up a will or trust, contact the Houston wills and trusts lawyers of Garg & Associates, P.C., today at 281-362-2865 for more information regarding your estate plan options.

Popular Types of Trusts

Trusts have many options available for those who choose to use these documents instead of wills. Although there are many similarities between trusts and wills, trusts tend to be preferred in some cases. In particular, trusts provide privacy and are especially helpful when a property is co-owned. Across the United States, the IRS reported the following trends in trusts:

  • 1,277,438 complex trusts reported
  • $79,614,365 reported as income from complex trusts
  • 676,125 simple trusts reported
  • $34,601,120 reported as income from simple trusts
  • 45,740 grantor trusts reported
  • $2,030,717 reported as income from grantor trusts

The IRS uses the term “grantor trust” to define a trust where the creator of the trust, or grantor, is responsible for the taxes on the estate plan.

Contact Us

Deciding what kind of testament works best for your estate can be confusing. However, an experienced attorney can help make your estate planning much easier. To learn more about your options when creating a testament, contact the Houston wills and trusts attorneys of Garg & Associates, P.C., today by calling 281-362-2865.

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Garg & Associates, PC | 21 Waterway Avenue, Suite 300 | The Woodlands, Texas 77380 Please call 281-362-2865 | Fax: 866-743-4506
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