ABC trusts in California
Can a beneficiary of a trust decline the trust? If estate taxes owed exceed trust assets, can trustee be forced to pay taxes themselves? How long does trustee have to wind up estate?
1 Answer from Attorneys
Re: ABC trusts in California
You have 9 months from the date of death to disclaim any interest in the estate.
The estate pays the taxes, if there is not enough to cover them, then that pretty much winds up the estate.
If this is a Probate, then the court will determine how long, it can take up to 2 years.
If the estae was under $100,000, then you can do a small estate procedure and be done in a relatively short period of time.
Our firm specializes in wills, trusts, estates and Probate. If you would like a free consultation about your situation, then might I suggest that you email me directly, so we can discuss this in a private forum?
I can be reached at the email provided by LawGuru as well as through our firm's website located at PasadenaEstatePlanning.com.