Legal Question in Wills and Trusts in California

taxes on monies from a trust
I was under the impression that the assets under a trust could not be taxed (if under 2MM at the time of a 2007 death). Once the trust is dispersed to its inheritors, is there a tax burden for them, and if so, how much is it?

Most of the trust is bequeathed to charities. However, we family members who are getting a small share (approx. $30-50k each) do need to budget this, as most of us don't have half that amount lying around to give to the IRS come tax time.

An attorney is the trustee of the estate and mentioned a figure somewhere around 28%, IIRC. Does that sound right? Also, is this just Federal or does the State also get a piece of the pie? If so, how much for California, Arizona and North Carolina, the states in which the inheritors currently reside.

Thanks!

Asked on 7/05/07, 10:25 am

Donald Field Donald L. Field, Jr., Attorney at Law

0 users found helpful

0 attorneys agreed

Re: taxes on monies from a trust

this question cannot be answerered without reviewing the trust documents and obtaining additional details related to the assets held by the trust.

Answered on 7/06/07, 9:48 pm

Keywords

Match Any Match All

Country

State

Area of Law