My mother died in March 2024. I have three siblings. Mother lived in New Hampshire.
Mom left money in an "in trust for" account at her local bank. My eldest brother was named as the sole trustee.
My eldest brother moved the money to his bank (he lives in Colorado) and is dividing the money equally between us three other siblings. I live in Oregon.
Questions:
- Does my brother have to pay taxes on the "in trust for" money when he moved it from the NH bank to his Colorado bank?
- Will I have to pay taxes when I take my share of that money from him?
- The amount exceeds the gift tax limit. When I take my share of the money, will it count as a "gift" since I wasn't a trustee on the original account?
Thanks
