Legal Question in Wills and Trusts in Washington
Trust Inheritance
I received $76,000.00 from my fathers trust. The trust had a parcel of property located in Montana. It was sold and split three ways. Do I have to pay tax on the portion I received?
Asked on 3/23/05, 3:55 pm
2 Answers from Attorneys
Michelle Farris
Law Office of Michelle Geri Farris
Re: Trust Inheritance
You should check with the trustee about whether tax should be paid, or whether the trust or your father's estate has already paid any estate and/or gift taxes.
Answered on 3/23/05, 4:13 pm
Elizabeth Powell
ELizabeth Powell PS Inc
Re: Trust Inheritance
It is not clear from your question whether the corpus of the trust is the land or the money. You will want to consult with a financial planner to determine the best way to shelter the fund. I would strongly recomend that you seek out a CPA who can determine the nature and extent of your tax liability.
Answered on 3/23/05, 8:45 pm
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