Legal Question in Wills and Trusts in California
My grandmother left several annuities and some property when she passed away. Prior to her death, my uncle (the Trustee) rolled the annuity left for the grandchildren into the Trust, but left the other annuities with the annuity company. When the Trust disburses my share to me, will I have to pay taxes? Does the Trust need my SS#? And how long does the Trustee have to disburse the money?
Asked on 5/10/12, 8:32 am
1 Answer from Attorneys
Kurt Seidler
Law Offices of Kurt A. Seidler APC
It all depends on what the trust says. Typically the trust itself is the beneficiary so it would be liable for any taxes. Inheritance taxes don't kick in until the value at death of the entire corpus reaches 2.5 million!
Answered on 5/10/12, 9:00 am
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