Beneficiary tax question in CA

[enpcell]

Here is my question, I live in CA and am a beneficiary and trustee of a living trust. The estate is worth under $400,000 and my portion is 50 percent. Do I need to pay ANY tax on my monies?(state or fed) If so do you know the name of the tax?
Also, the family member who passed away was living on social security. Do I need to prepare or pay some sort of death tax or a "last tax return"? Thanks for any information.

 

[ALawyer]

IF during his or her life the deceased did not eat away at his lifetime exemption (which was $675,000 for those who died in 2001) by giving gifts to any one person in excess of $10,000 per year, there is NO Federal estate tax.

For all practical purposes, California imposes no State estate or death tax that i,mpacts you. (I assume the deceased lived in CA too -- if not the laws of his o rher state govern any state estate or death tax.)

There may be INCOME tax -- such as on a 401(k) or IRA -- and there is income tax on interest earned in the estate and passed on to the beneficiaries.