Tax Brackets for Living Trusts
What are the tax brackets like for a living trust? Same as an individual?
We have $200K in a trust for 5 grandchildren of my father, ages 2 - 13. The goal is to use this money for the kids' college expenses.
When the trust was set up, there were not 529 plans available.
We are trying to quantify how much taxes we may pay on the money, to help decide whether the account should be turned into 529s.
Separately, we must also decide whether the aims written into the trust document align closely enough with the rules of a 529 to do this.