Legal Question in Wills and Trusts in California

Do Inheritance Taxes Apply to a Living Trust under $60,000?

Living Trust exists where I am first trustee with my spouse. I am also the person to allocate the trust remainder. Pour Over will was written and I am the exectrix. Trust was worth about $60,000 in cash and Life Insurance Benefits. Per tax consultant, I did not have file taxes last year when date of death occurred, as the relative did not make enough money. What, if anything, did I have to do with the State of California to complete the accounting of this estate?


Asked on 8/26/99, 3:51 am

1 Answer from Attorneys
Leslie Beckhart Law Offices of Leslie Kent Beckhart

Re: Do Inheritance Taxes Apply to a Living Trust under $60,000?

No estate taxes are due either the IRS or the State of California. Just retitle the asets where appropriate and you are done.

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Answered on 9/09/99, 8:02 pm


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