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lwpat, Attorney at Law
Category: Estate Law
Satisfied Customers: 25384
Experience:  Attorney with experience in wills, estates and trusts
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Hello, I am executor and sole heir to my mothers estate which

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Hello, I am executor and sole heir to my mothers estate which consists solely of bank CD's about half of which were put into a revocable trust by her. Her final expenses are very low and will be able to be handled with the estate checking account I have set up. It is time now for me to start calling the banks to initiate transfers. I understand that all of the non trust CD's will be transferred to the estate for later distribution to me the sole heir after all creditors have had time to make their claims. But what do I do with the trust CD's? Is it necessary for me to get a T.I.N. for the trust? Or can I just have them transferred directly to me? I guess that I will assume tax liability from her death date on. I am confused by not knowing just how to navigate the IRS and what forms and when they will need them. It is a simple estate I think with only CD's as the inheritance and me the executor being the only heir, I just want to do it right.
Thanks,
Dave V. Meadville pa.
Submitted: 4 years ago.
Category: Estate Law
Expert:  lwpat replied 4 years ago.
Hi Dave
Sorry for you loss. When she passed the trust became irrevocable and you will need to obtain a tax number and provide it to the bank. The interest from the date of death is taxable to the trust and the trust has to file a tax return if the interest is more than 600,00. You will need to provide the bank with a copy of her death certificate so you can then be replaced as the trustee. The trust is part of the estate inventory. You may avoid the above by making an immediate distribution from the trust to you and then reporting the interest on her last tax return. There is a Pennsylvania inheritance tax form you will need to file also.
lwpat, Attorney at Law
Category: Estate Law
Satisfied Customers: 25384
Experience: Attorney with experience in wills, estates and trusts
lwpat and other Estate Law Specialists are ready to help you
Customer: replied 4 years ago.
I would take the option of the immediate distribution. It sounds much simpler. I will report the interest on her last (death) tax return.
So I will be providing the bank with my SSN because I will then become holder of the CD's. Am I correct then that the trust will not have to file a return? She pays tax on interest to the date of transfer and I pay tax from date of transfer on. This makes sense to me.
Expert:  lwpat replied 4 years ago.
That should work.

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