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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 14829
Experience:  15years with H & R Block. Divisional leader, Instructor
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I need to accept a inherited living trust from my aunt (146,000.00).

Customer Question

I need to accept a inherited living trust from my aunt (146,000.00). I am not holding on to it, I am using it as a down payment on a vacation (second) home. Should I keep open her trust w/ her ss# ***** tax reporting or get a new tax ID# ***** move it to my trust?
Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.
Hello and thanks for trusting me to help you today. I am a tax adviser with over 20 years of experience.
When you have gathered the trust property, determined its value, and formally transferred everything to the new owner(s), you’re ready to close the trust.
In CA you would transfer the assets in the trust to your own name and then the living trust for your aunt ceases.
If you wished to have your own living trust you would need to request an EIN for that trust.