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trust excluded, but am i liable for trust tax?

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jacqueseire

Junior Member
What is the name of your state? I am living in Ireland, but the trust is in California.

My uncle, an American citizen died in 2003. He left his American assetts in a trust fund to be divided between 25 of his family. He also had Irish assets, which he left to myself, my 2 sisters & 2 cousins, of which I am the executor of the Irish Will. We are not liable for Irish tax, but we have now been asked by the American Trust to pay towards the USA Federal Tax Bill, which has already been paid by the trust. My 2 sisters are included in the trust and their tax liabilities regarding the Irish estate will be deducted as extra from the American trust benefit payout. However, my 2 cousins and myself have been excluded from the trust because of the seperate Irish will. The exchange rate of Euros/Dollars has changed a lot since my uncles death. Which exchange rate should have been used, and are we liable to pay the taxes back into the trust when we are Irish residents, and excluded from the trust. And what could / would happen if we refuse to pay? The Irish assets are the old home house, of which I reside in, and in which my uncle came home to each year,and poor quality agricultural land which is tied up in a lease until 2008. What federal tax rates would these incur? The irish assets are not in a position to be liquidised into cash, and we are not in a position to pay this tax back into the trust.
 
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