Dynasty living revocable trusts do not have an impact on your taxes and do not make things more complicated. You will continue to report your income the same way you did before.
While a living revocable trust is a separate legal entity from you as an individual, it is not a separate tax entity. This means that the trust’s income is still considered your personal income for tax purposes, and you will need to report it on your personal tax return. As the grantor (creator) of the trust, you will typically continue to pay taxes on the income earned by the trust, in the same way that you would if the assets were held in your own name.