Receiving LARGE inheritance...confused by credit shelter trust

[MishMash]

A relative recently passed away and to our EXTREME surprise we received trust documents in the mail today (we always assumed the estate would be donated).  They are still tallying the estate but current estimates are putting the portion we are to receive in the very high six figure to low seven figure range.

I'm just seriously confused reading this 80 page trust document, it's a split trust a Survivors trust and a credit shelter trust in CA originally formed in 1992, updated in 2008 after his wife passed and I know NOTHING outside of what google just told me as to wtf that is. 

Anyone here more familiar with them? Are there any "gotchas" like with an inherited IRA, anything we need to know about taxes etc?  The whole family is kind of in shock and no one really understands what this is and I"m pretty sure I've read everything google has to offer

[Financial.Velociraptor]

I think for high six figures it is worth your time and money to hire a tax attorney to look it over for you.

[Another Reader]

Likely a revocable trust was set up to avoid estate tax in 1992, and with the passing of the first spouse, some of the assets had to be moved to another trust.  The estate is likely too small under current rules for this to matter.

Whoever is handling the estate should take care of all tax returns and other paperwork before you get any assets.  With no IRA's in the mix, you should be free to do whatever you want with the inherited assets.

[TomTX]

Likely a revocable trust was set up to avoid estate tax in 1992, and with the passing of the first spouse, some of the assets had to be moved to another trust.  The estate is likely too small under current rules for this to matter.

Whoever is handling the estate should take care of all tax returns and other paperwork before you get any assets.  With no IRA's in the mix, you should be free to do whatever you want with the inherited assets.

Yeah, the executor should be able to unwind everything for you and distribute the proceeds.

[JinBoston]

For that kind of money you should be asking well-off friends in your area who is good with tax accounting and trust law.

Most lawyers will meet with you for free.

-J

[MishMash]

For that kind of money you should be asking well-off friends in your area who is good with tax accounting and trust law.

Most lawyers will meet with you for free.

-J

Ha yea, if we had any well off friends, we're older millenials, most of our friends are still in the student loan debt payoff/beginning of career stage, we already were the odd ones out for saving as much as we have for years.  We probably won't have any friends left if we tell them about this.  And we sure as hell aren't saying anything to my family...they'd be at our door with their hands out.

 I've called 4 estate attorneys and haven't heard back from one of them yet.  On that note,  can anyone recommend a good estate lawyer and tax accountant in the DC/NoVa area?  We were planning on selling a rental house in 2016 but we don't want to until we can figure all this, and our tax liability for 2016 out.