What is the name of your state (only U.S. law)? Trust was created in CA. Some beneficiaries are in CA, some in NC.
I am the trustee for my mothers estate and she passed last year. She had two checking accounts, one personal and one for her small business. The personal account had cash she had put away from selling her home several years ago. My accountant said that I could go ahead and do a partial distribution of the personal account to the beneficiaries (her grandchildren) and that there would be no taxes owed. She did say there would be taxes owed on the business account and the proceeds from the sale of the business. I just want to confirm that is correct.
I am the trustee for my mothers estate and she passed last year. She had two checking accounts, one personal and one for her small business. The personal account had cash she had put away from selling her home several years ago. My accountant said that I could go ahead and do a partial distribution of the personal account to the beneficiaries (her grandchildren) and that there would be no taxes owed. She did say there would be taxes owed on the business account and the proceeds from the sale of the business. I just want to confirm that is correct.