My question involves estate proceedings in the state of: Kentucky
I am receiving a fixed distribution from a trust. Two things have me questioning whether I am responsible to pay taxes on that amount.
1) The trust states that I am to be paid from the PRINCIPAL of the trust estate, and further states that no interest or share of income shall be paid from this distribution.
2) The distribution is coming from life insurance proceeds, the proceeds being the first asset used to fund the trust. It is my understanding at this point that life insurance policy proceeds are not taxable.
Remember this is Kentucky!
I am receiving a fixed distribution from a trust. Two things have me questioning whether I am responsible to pay taxes on that amount.
1) The trust states that I am to be paid from the PRINCIPAL of the trust estate, and further states that no interest or share of income shall be paid from this distribution.
2) The distribution is coming from life insurance proceeds, the proceeds being the first asset used to fund the trust. It is my understanding at this point that life insurance policy proceeds are not taxable.
Remember this is Kentucky!
Trusts: Tax Liability for Beneficiary of a Trust
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