Legal Question in Wills and Trusts in Florida

Taxes

If my significant other leaves me a portion of his revocable trust after his death, am I liable for taxes on this inheritance?

Asked on 8/20/07, 11:37 am

2 Answers from Attorneys

Scott R. Jay Law Offices of Scott R. Jay
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Re: Taxes

NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.

Probably not, as taxes are generally the responsiblity of the trust when it is a revocable trust. Regardless, you should be thankful of the gift and if any taxes are due (as the laws can change), it will be far less than the amount of what you receive.

Scott R. Jay, Esq.

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8/21/07, 11:46 am
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Re: Taxes

Assets in revocable trusts, unless otherwise exempt, are taxable to the estate if the estate is taxable (over $2,000,000 in 2007) because, by definition, the person retained control over the assets during life. After estate taxes are paid and probate satisfied, you, as a beneficiary, do not owe income tax on what was bequested to you.

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8/20/07, 11:55 am

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