Estate Law Questions? Ask an Estate Lawyer.
Hello. My name is***** am an attorney. I am here to help you with your question. I may take a moment to research or clarify issues. Okay?
Is the total estate worth less than $2.75 million?
Hello again. Okay. There are no estate tax consequences and would not be anyway if the money was in the trust more than three years. With regarding to income tax, it depends. If the amount your received is the principal amount then there is no income tax. If the amount you receive were earnings and the trust did not pay tax on the earnings, then that part may be subject to an income tax. Please let me know if you have follow up questions.
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