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A grantor trust is a trust, the income from which is tax to the creator of the trust. So if an individual living in New York creates a grant or a trust for the benefit of his children, he will continue to be taxed on it, which means he pays not only federal taxes, but New York taxes as long as he lives in New York.
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New York tax and estate planning attorney Carlyn McCaffrey of McDermott Will & Emery defines grantor trust.