Legal Question in Personal Injury in Maryland
trusts i think
I am recieving--name removed--death benefit of 50,000 dollars but i have--name removed--needbased scholarship so I am trying to find--name removed--way to the money in--name removed--trust or something to prevent the government from seizing it. I dont really need to touch the money for--name removed--couple years either
1 Answer from Attorneys
Re: trusts i think
Although your question was somewhat unclear, I assume that what you are getting is a death benefit from a life insurance policy. Insurance benefits are not subject to income tax, so for that purpose there is no need to set up a trust. If instead these are proceeds you are receiving from someone's estate, there may be an inheritance tax, but the estate representative would probably deduct that tax before sending you the proceeds.
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