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I need to accept a inherited living trust from my aunt (146,000.00).

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I am not holding on...
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: 2 years ago.Category: Tax
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5/13/2015
Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,887
Experience: 15years with H & R Block. Divisional leader, Instructor
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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.
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Robin D.
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Category: Tax
Satisfied Customers: 15,887
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