Legal Question in Wills and Trusts in Florida

Re: Taxes

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Probably not, as taxes are generally the responsiblity of the trust when it is a revocable trust. Regardless, you should be thankful of the gift and if any taxes are due (as the laws can change), it will be far less than the amount of what you receive.

Scott R. Jay, Esq.

Re: Taxes

Assets in revocable trusts, unless otherwise exempt, are taxable to the estate if the estate is taxable (over $2,000,000 in 2007) because, by definition, the person retained control over the assets during life. After estate taxes are paid and probate satisfied, you, as a beneficiary, do not owe income tax on what was bequested to you.