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
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