I'm set to inherit a little amount of money from my deceased grandmother. She had in her will that I have to be a certain age to receive the funds which is about 2 years away, so I won't have access and until then my mom has been named the trustee. She's a bit overwhelmed by all of this and I was hoping to find some resources, since everything I can find online is about IRAs and when you get it immediately without a whole lot about the deferred case.
A couple questions:
A couple questions:
- What are some gotchas with our situation about having an inherited trust sitting for two years?
- Are there any good resources about things we need to do or how taxes work? My mom is worried that she's going to have to pay taxes on my trust, which I think is incorrect and the trust itself pays the taxes somehow or I have to?
- I've heard that it can't "grow", so does that mean every year we have to disperse some of the funds only to the amount that it grew from the previous calendar year?
Statistics: Posted by vetris — Sat Aug 31, 2024 7:42 am — Replies 5 — Views 370