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My parents had a living trust. Both have passed and the

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trust has been distributed...
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: 2 years ago.Category: Tax
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Answered in 17 minutes by:
8/18/2015
Tax Professional: Richard, Tax Attorney replied 2 years ago
Richard
Richard, Tax Attorney
Category: Tax
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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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