Back Taxes Owed and Trust Fund

[MaggieB44]

What is the name of your state? Oklahoma

I have a trust fund from my Mom who passed away approximately two years ago.

My husband and I both received letters from the IRS of a Tax Levy for
the year 2001. He called them and made arrangements to make payments. If he fails to
make payments, can the IRS take the money out of my trust fund?

Maggie

 

[LdiJ]

What is the name of your state? Oklahoma

I have a trust fund from my Mom who passed away approximately two years ago.

My husband and I both received letters from the IRS of a Tax Levy for
the year 2001. He called them and made arrangements to make payments. If he fails to
make payments, can the IRS take the money out of my trust fund?

Maggie

It depends to a great extent on the nature of the trust. If the trust is of a type that files and pays its own taxes then only your yearly/monthly income from the trust could be attached.

However, if the income of the trust (regardless of what is distributed to you) passes through to your tax return then it may be possible for the IRS to put a lien against the trust.

Go get a consult with a local tax professional, with the paperwork regarding your trust, in hand.

 

[MaggieB44]

Trust Fund and Back Taxes

Thank you very much for responding. I'll contact a tax professional in my area.

Maggie