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RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 30307
Experience:  Texas lawyer for 29 years in Estate law
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I have a complete trust made out from attorney from a friend.

Resolved Question:

I have a complete trust made out from attorney from a friend. leaving everything. were not married. am I going to pay inheitence tax.
Submitted: 1 year ago.
Category: Estate Law
Expert:  RayAnswers replied 1 year ago.

Thanks for your question and good morning.

There are likely no federal inheritance taxes here unless the value of the etstae exceeds
$5.25 million.Above that taxes would be due.

http://corp.bankofamerica.com/business/bi/perspective/resource?p_a_id=668579&g_id=10157&cm_mmc=GCB-Integrated-_-MSN-Partners-_-fiscal%20cliff-_-May%202013%20-%20Still%20on%20a%20Cliff%20-%20Fiscal%20Cliff%20-%20Phrase%20SP


There may well be California trust state taxes due.Here is a great article that goes over these.They would not be inheritance taxes but taxes nonetheless.

 

http://www.lexisnexis.com/community/estate-elderlaw/blogs/trusts/archive/2010/08/01/california-income-taxation-of-trusts-pitfalls-and-considerations-for-settlors-beneficiaries-and-trustees.aspx

You may well want to contact your tax preparer or CPA to go over any state of California tax liabilities here.As you can see California may impose taxes in some situations where there is disbursement from a trust.

It has been my pleasure to assist you today.Please let me know if you have more information.Thanks again.

 

I hope that you will be so kind as to leave a positive rating. If you do have any additional questions about my answer please click the "Continue Conversation Link" so I can provide you with a fully satisfactory answer. Please be aware that any rating of 1 or 2 is reflected as a negative rating and I receive no credit for my answers.


This communication does not establish an attorney-client relationship.Information provided here is not legal advice. Rather it is simply general information.

 

Customer: replied 1 year ago.

would it help if I got married. the value of the is 1.5million

Expert:  RayAnswers replied 1 year ago.
Well you would be under the federal estate tax limit, there are no California inheritance taxes, but there may well be other California taxes due on any disbursement to you.This will be your separate non marital property here even if you marry.MArriage would not affect the amount due here but it might give you additional deductions as far as a return.You certainly should discuss this with your local tax preparer or CPA to know exactly what your liablity is.

Thanks for the follow up.Good luck resolving all of this.
Customer: replied 1 year ago.

One more question, If I married him for I receive his social security benefits and his pension, Thank you

Expert:  RayAnswers replied 1 year ago.
You would be eligible for social security from him if you are married and he reaches retirement age and files here.You would be able to draw approximately half.You have to be of retirement age too.He needs to check on the retirement here--it is possible you get it if his plan allows him to designate a beneficiary.It is something that is plan specific so again he needs to check with employers plan and name you as beneficiary once you are married.

Reference to that ..

http://www.socialsecurity.gov/retire2/yourspouse.htm

Thanks for letting me help you today.If you can leave a positive feedback it is much appreciated.Thansk again.
RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 30307
Experience: Texas lawyer for 29 years in Estate law
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