What is taxible when monies from a family trust is inherited upon the death the beneficiaries?

My sister and I are co-trustees of the family trust set up to provide care for our parents. The trust doents indicate that upon the death of both beneficiaries, our parents, we are to inherit the monies in the trust. There are no other ets in the trust. Is this inheritance taxable? If so, can this inheritance be rolled into a new trust and avoid taxation?