No. The purpose of a living trust is to avoid probate, guardianship, or conservativeship. It’s not a vehicle for reducing income taxes. In fact, if you are the trustee of your living trust, you will file your income taxes exactly as you did before the trust existed. There are no new returns to file. The only thing that changes is the title to the property you hold. It becomes titled into the name of the living trust. However, the income is still taxed to your social security number.
While some attorneys recommend a living trust have its own tax ID number, it is not required until the passing of the grantor trustee, which then transforms the trust into an irrevocable trust. It is at this point that the trust becomes a separate, taxable entity. If you obtain a tax ID number for your living trust, during your application process the computers at the IRS will tie the tax ID number to your SSN, which assures all income will still flow to you individually.