My mom and dad are 50% owners of an irrevocable grantor trust. My father passed away and he had an annuity that had a death benefit. The grantor trust was the primary beneficiary and my sister and I were contingent beneficiaries. The payout of the annuity will be made to the trust. Who will pay the tax on the annuity payout? Will it flow to my mom since she is the sole owner of the trust now?
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