What to do about a Trust and taxes?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What to do about a Trust and taxes?
My grandfather passed away a few years ago and left money in a trust to my mom. My mother has recently passed away and it states in the trust that any money owed my mother would be passed to her children. My uncle is the executor of my grandfathers estate and is now asking us to provide him with tax information before he puts any money into my mom’s estate. I have heard from other family members that my grandfather’s estate is set up to pay any taxes that beneficiaries would owe. Is this possible or is it more likely that I would have to pay a tax on any money inheritied?
Asked on May 2, 2013 under Estate Planning, Colorado
Answers:
Nathan Wagner / Law Office of Nathan Wagner
Answered 10 years ago | Contributor
In general, the estate pays all of the estate taxes before distributing assets. It is possible, but not likely, that you would have to pay taxes on the inheritance.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.