What to do if my mother-in-law passed and had a Trust and Will but some assets had my husband and his siblings listed as direct beneficiaries?

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

What to do if my mother-in-law passed and had a Trust and Will but some assets had my husband and his siblings listed as direct beneficiaries?

They have already paid out those accounts to them (a CD, a money market account and a life insurance policy.) Other items have the Trust as the beneficiary. Now we find out that there is a lot of of income taxes due and there will not be enough in the Trust account to cover the full amount. Can the IRS come at us for the other inheritance income from the other accounts?

Asked on April 15, 2014 under Estate Planning, California

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Based upon what you have written and assuming assets of the estate have been distributed to the beneficiaries then there is a good chance that the beneficiarires can be required by the IRS to return what they received for unpaid taxes. I suggest that you consult with a Wills and trust attorney in your locality. One can be found on attorneypages.com.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption