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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12679
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I have received an inheritance and have opened a money market

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I have received an inheritance and have opened a money market account in my name only. I wanted to place it in our revocable trust but the account name has to be changed to our trust name, according to the bank. This inheritance is specified to go to my children in the trust (my husband has children also). My question is: Will this name change incur a tax since the majority of the inheritance is tax free. Thank you.

Lane :

Hi,

Lane :

No, because th revocable trust is a pass-through for tax purposes, this would not be a taxable event

Lane and other Tax Specialists are ready to help you


Thanks Janet,

Let me know if I can help further,

Lane