My mother had a checking account that had me as the person in trust. She recently died and had no other assets. I was told that the account now belongs to me and that if there are any claims made on her estate, I will not have to pay them from the funds in this account. Is this true? Will I owe inheritance taxes at the end of the year?
State laws vary. In some states, estate obligations can result in claims on funds transferred in this way. In other states, the law does not provide for such claims. You'll have to check with an attorney familiar with the laws of your state, or the state in which your mother lived at the time of her death, to find out whether you need to be concerned about hearing from a representative of her estate about any claims.
As for taxes on the funds transferred to you, this will depend on state tax laws, other factors affecting your tax obligations, the dollar amounts involved, and other circumstances. Consult a tax attorney or adviser for more information.
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State laws vary. In some states, estate obligations can result in claims on funds transferred in this way. In other states, the law does not provide for such claims. You'll have to check with an attorney familiar with the laws of your state, or the state in which your mother lived at the time of her death, to find out whether you need to be concerned about hearing from a representative of her estate about any claims.