What are the tax consequences if my mom died last year with a revokable trust?
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What are the tax consequences if my mom died last year with a revokable trust?
My 2 brothers. were listed as trustees after her death and the 3 of us are equal beneficiaries for the cash assets. The trust’s accountant sent each of us a IRS K-1 form to pay the taxes, since it’d be less than if the trust paid them. My share is under a million, so I thought as a beneficiry I wouldn’t owe tax on the lump sum. Do I owe taxes.
Asked on March 20, 2013 under Estate Planning, Arkansas
Answers:
Victor Waid / Law Office of Victor Waid
Answered 11 years ago | Contributor
You definitely need to obtain assistance of an account who specializes in tax re estates/trusts to protect yourself from a future tax bill and penalties if any.
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