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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
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Experience:  10 years experience
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my mom is the beneficiary of a trust account that was set up

Customer Question

my mom is the beneficiary of a trust account that was set up as an inheritance. She is receiving a monthly stipend from the account. She would like to withdraw $36,000 from the account to pay off her home. This will still leave a balance in the account.
The question is what if any, tax consequences will she have by withdrawing this money?
Submitted: 6 years ago.
Category: Tax
Expert:  RD replied 6 years ago.
Is this a recovable trust set up by her? what type of trust is it?

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