Legal Question in Wills and Trusts in Utah
My father died recently and had wrote one of our siblings out of his will. We siblings felt he should not have done this and want to share his estate 3 ways, as it should be, instead of two. Our attorney has found a way for us to do that by allowing the heirs to share their share with the disinherited sibling.
Our sister, who was disinherited, now wonders since it was not a direct inheritance but a sharing of an inheritance after probate of the heirs, are these monies considered taxable?
1 Answer from Attorneys
I need more information about how the monies are being handled. With trusts, the beneficiaries can get together and agree to change the distribution with no tax effect. If the funds are distributed to the named beneficiaries of a will, and the beneficiaries then gift the funds, whether there is a tax will depend on the amounts involved. There are still ways to avoid any tax, but you need to be careful about how and when the transfers are made. Please contact me if you need more information.
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