My wife’s father passed away and she was the executor of his irrevocable living trust and sole survivor. The trust was set up to bypass probate and it wasn’t a business trust. The funds were transferred to a trust bank account at B of A so my wife could pay any outstanding bills. After her father’s debt was paid she left $20,000 in this account in the event an unknown bill should surface. The remaining $470,000 was transferred to our personal account. This is an inheritance but I don’t know if a K1 needs to be filed and is yes how this is done. Thank you for any assistance you can offer. Regards, [PII removed]
