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Ely
Ely, Counselor at Law
Category: Family Law
Satisfied Customers: 87469
Experience:  Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
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Good morning, I have a friend who has money tied up in an

Resolved Question:

Good morning,
I have a friend who has money tied up in an estate his mother left him when she died. He has been trying to get those funds freed up since early July and is claiming the bank is telling him it is due to IRS delays. Can you please let me know if this could be the case? Thank you, Ann
Submitted: 1 year ago.
Category: Family Law
Expert:  Ely replied 1 year ago.
Hello friend. My name is XXXXX XXXXX welcome to JustAnswer. Please note: (1) this is general information only, not legal advice, and, (2) there may be a slight delay between your follow ups and my replies.

I am sorry for your friend's situation. Can you please tell me:

1) Is there any type of "trust" involved or is this simply a bank account?
2) Has anyone filed probate on the estate?
3) I am guessing this name is not on the account, correct?

This is not an answer, but an Information Request. I need this information to answer your question. Please reply, so I can answer your question. Thank you in advance.
Customer: replied 1 year ago.

Ely,


Good morning. It is some sort of trust, not just a bank account.


I do not know if this is a probate situation.


The name on the account ( I figure) should be John Henry Mcleod


 


Thx Much

Expert:  Ely replied 1 year ago.
Friend,

Without knowing what kind of a trust it is, and who the trustee and the beneficiary is, and whether or not probate has been found, at the most I can do is take a GUESS.

Is there any way you can find out this information and get back to me?
Customer: replied 1 year ago.


Ely, All I know is that the benficiary would be XXXXXX. The money is from a trust account created by his mother, don't have her name. The bank it is supposed to settle in is BB&T.

 

Any help you can give will be deeply appreciated. This is my boyfriend and I am sadly beginning to develop trust issues in that I just cant believe it could take this long..Thx,Ann

Expert:  Ely replied 1 year ago.
Friend,

Okay. Can you tell me more about how the IRS may be involved, or he has been hazy on this, too? In other words, why has the IRS supposedly not allowed withdrawal?
Customer: replied 1 year ago.


He is saying that the IRS has a hold on releasing it due to the amount that is to be taxed. He is saying that the IRS release department has not finished processing the paperwork to release the funds, but this has been going on the close to 3 weeks and he supposedly has an attorney working on it.

Expert:  Ely replied 1 year ago.
Thank you.

The IRS can freeze a trust account if the IRS is investigating possible tax fraud and/or underpayment. So this is a distinct possibility. However, the IRS normally attempts to settle the matter without having to resort to freezing money. So if this is true, then he has not been working with the IRS in the past and the IRS has their hand "forced," so to speak.

So yes, it could be the case, from what you are telling me. And yes, it is normal to have an attorney involved, although until/unless the matter is resolved, the IRS is not likely to lift the freeze.

I hope this helps and clarifies. Good luck.

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Ely, Counselor at Law
Category: Family Law
Satisfied Customers: 87469
Experience: Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
Ely and 5 other Family Law Specialists are ready to help you
Expert:  Ely replied 1 year ago.
Thank you for your gratuity.

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