Oklahoma Estate Tax

[scv]

What is the name of your state? Oklahoma

My mother left a trust for myself, my sister and my son. My aunt is the trustee, but she told me last night that I will have to pay tax on the $110,000 that I will inherit.

When my husband received money and a farm from his parents' trust, he also received a certificate from the state, stating that he didn't have to pay any taxes.

I've read some of the law, and, as as I understand it, my amount is low enought that I shouldn't have to pay state or federal taxes if the money comes through a trust. Am I correct?

Thanks!!
SCV

 

[abezon]

You do not pay taxes on estate principal. You do pay taxes on estate income, such as dividends & interest. You also pay taxes on any money that the decedent would have paid taxes on, such as pension/IRA income.