receving property threw a living trust
we were left a farm threw a living trust by a family friend (no blood kin) i no that we will have to pay gift tax on this when he passes. the sum will be around 50,000 will this have to be payed right away or can installments be made?
Re: receving property threw a living trust
CHeck with an estate tax attorney in IN. You likely will NOT have to pay taxes on gift/inheritance of under $1M .
