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!
A: This is aquestion best answered by a CPA.
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.
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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.
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