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My late wife who died in December of 2013 had a revocable Trust. I had power of attorney over that Trust but it expired with her death. In the amended Trust, I was appointed successor Trustee. Much to my surprise, my wife's trust had to be converted to an irrevocable trust that required some confusing things (e.g. getting an EIN). My lawyer refused to help me, though initially he said he would. With the heopl of people on this board, I was able to complete the paperwork and the irrevocable trust became active and funded earlier this year.

I assume since the irrevocable trust was formed this year, taxes are not do until next year, but what about estimated taxes? I am told not to try to do form 1041 myself, but there is a statement in the directgions that makes me wonder if I owe any taxes at all: Trusts required to distribute all income currently. A trust whose governing instrument requires that all income be distributed currently is allowed a $300 exemption, even if it distributed amounts other than income during the tax year.

There is a passage in my late wife's trust that says I am to get all the income from the trust (but I cannot touch the principal). If I accept all the income, then I personally pay tax on that income and the trust does not owe any taxes. Is this correct?

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