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Postscript In the above example, $10k income, $6.4k to spouse, $1280 to kids, that leaves $3k odd undistributed income (taxable?) or is the loan repayment an expense? Wouldn't you have to distribute the whole $10k but not take the money in which case the left-over $3k would be taxable to the...

Trust issues continued If I understand you what you are saying is that you don't actually take the money out of the bank to pay the distributions, you just pay it off the loan as a principal repayment. However, the wife and the children, theoretically, are entitled to draw that money "owed"...