The Income Tax Mulligan for Trusts

For those fortunate souls who have not succumbed to the Siren’s call that is the game of golf, a Mulligan is basically a free “do-over.” The term “mulligan” represents an opportunity to have a second chance to do what you wish you had done from the start. In the world of federal income taxes, there are not many chances at a mulligan. There are even fewer chances at a mulligan for wealthy families.