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Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 54539
Experience:  29 years of experience as a tax, real estate, and business attorney.
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My parents had a living trust. Both have passed and the

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My parents had a living trust. Both have passed and the trust has been distributed . Do I have to pay inherientence tax as one of the beneficeries
Submitted: 1 year ago.
Category: Tax
Expert:  Richard replied 1 year ago.
Hi! My name is ***** ***** I look forward to helping you!
No, there will be no inheritance tax. There is no inheritance tax on either the Federal level or on the California state level. Further, the basis of any assets distributed to you would have been adjusted to their fair market value as of the date of death, so if you sell any of the assets for that fair market value, you will also have no tax on the sale of the assets.
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