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Mom mother died and had an account in trust for me. Its not

Mom mother died and had...
Mom mother died and had an account in trust for me. It's not part of the estate for valuation. Is it taxable to me personally?
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Answered in 3 minutes by:
12/3/2012
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55,806
Experience: 29 years of experience as a tax, real estate, and business attorney.
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Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good afternoon. No,this is an inheritance and thus you would not be income and thus not be subject to income tax. Also, you would owe no inheritance tax on this. There is no inheritance tax on the federal level, and Maryland imposes no inheritance tax on money left to children, grandchildren, parents or siblings.



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