Legal Question in Tax Law in California

benificary

Does Son have to pay taxes on cd,

does son have to pay taxes on $500,000.oo when bank cd in trust for him?

Thank you


Asked on 9/10/07, 1:16 pm

1 Answer from Attorneys
Jeb Burton The Burton Law Firm

Re: benificary

Is the trust generating income? If it is does it disperse this income to your child? if the answer is yes to both of the above, then your child is likely responsible for paying taxes.

Without seeing both the trust document and the dispersement information/trust accounting... it would be difficult to be more specific.

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Answered on 9/10/07, 8:52 pm


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