Budd Lake, NJ asked in Estate Planning and Probate for New Jersey

Q: My sister passed away and I am the one who managed her trust. It is to be split between me and two brothers.

My sister passed away and I am the one who managed her trust (approximately $250K). It is to be split between me and two brothers. My question is, do I simply distribute the trust, a third each and have each of us 3 declare the inheritance and pay taxes at our year end taxes, or does the trust pay before distributing. There is no will, but I am the one on the trust and in charge of her estate (only a trust). Please help, thanks!

Related Topics:
3 Lawyer Answers
Morris Leo Greb
PREMIUM
Morris Leo Greb
Answered
  • Estate Planning Lawyer
  • Rockaway, NJ
  • Licensed in New Jersey

A: This is aquestion best answered by a CPA.

H. Scott Aalsberg Esq.
H. Scott Aalsberg Esq.
Answered
  • East Brunswick, NJ
  • Licensed in New Jersey

A: Without reading the trust documents a lawyer would not be able to properly advise you. But sounds like you need both a CPA and a Lawyer for the answers you seek.

Leonard R. Boyer
Leonard R. Boyer
Answered
  • Clifton, NJ
  • Licensed in New Jersey

A: You really need to retain an experienced Probate attorney, who will know how to handle the provisions of the trust. This is a legal question, not an accounting question. Only attorneys are licensed to give legal advice, not accountants. Another type of attorney you could consider is an Estate and Trust Planning attorney.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.