I am the Grantor and Trustee of a Revocable Trust with $150k in assets that was funded by my dad who past away last month. I will be distributing $30k to myself and each of my four siblings this year. If my research is accurate, I will not owe taxes on the money that I receive since technically it is my money as the Grantor. However, I'm finding mixed info on the tax liability for the money given to my siblings. Can anyone tell me if there would be a tax liability for disbursement to my siblings and if there is a liability then who would be responsible for paying it?
