What to do if my mother-in-law passed and had a Trust and Will but some assets had my husband and his siblings listed as direct beneficiaries?
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What to do if my mother-in-law passed and had a Trust and Will but some assets had my husband and his siblings listed as direct beneficiaries?
They have already paid out those accounts to them (a CD, a money market account and a life insurance policy.) Other items have the Trust as the beneficiary. Now we find out that there is a lot of of income taxes due and there will not be enough in the Trust account to cover the full amount. Can the IRS come at us for the other inheritance income from the other accounts?
Asked on April 15, 2014 under Estate Planning, California
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
Based upon what you have written and assuming assets of the estate have been distributed to the beneficiaries then there is a good chance that the beneficiarires can be required by the IRS to return what they received for unpaid taxes. I suggest that you consult with a Wills and trust attorney in your locality. One can be found on attorneypages.com.
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