Personal Finance (Not Investing) • How to resolve an irrevocable trust in California?

My father died in June 2023. I am trying to close his estate. He had everything in a trust. I did returns for 2023. I am trying to distribute some remaining assets in Vanguard. But now I have learned I will owe an additional $10K in unsecured taxes for his house, which sold in June 2024. (Apparently, they stepped up the assessed value after his passing, which I didn't realize because I thought it was in a trust.)

Anyhow, I am thinking about putting the $10,000 in a bank account so it does not earn interest, so I don't have to file returns on the trust for TY25.

How do I close the trust after I pay the tax bill?

Thanks

Statistics: Posted by Rockbottomdweller — Wed Dec 18, 2024 11:12 am — Replies 0 — Views 38

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