How do I know if I will have to pay taxes on a trust? I am inheriting a trust from my deceased grandmother next year when I turn 25 and I am unsure if I will owe taxes.

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That question is to hard to answer because there are so many different ways a trust can be set up ... talk to the current trustee and ask for the specifics on the transition to your possession and ask about tax issues ... see if they can educate you on this matter.