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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10131
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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My father died in 2013 one of s stocks suddenly showed up

Customer Question

my father died in 2013 one of his stocks suddenly showed up with a dividend that we didnt know about the estate is closed what do i do about the dividend it is $50.00 it has his ss on it
Submitted: 11 months ago.
Category: Tax
Expert:  Lane replied 11 months ago.

Hi,

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Was the stock itself re-titled? .. ... If that's the case, then you should have the brokerage firm re-issue with the correct social security number

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I'm guessing, however, that maybe this stock didn't actually have the ownership change form done?

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let me know, and we can go from there

Expert:  Lane replied 11 months ago.

Also, just to be on the same page what exactly do you mean by "closed?" Has an order been entered discharging the administrator/executor?

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If not, the estate may still be open so that you can still deposit the checks in an (reopened?) estate bank account.

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Also, look at the final order for distribution. Many times the attorney for the administrator has a provision to the effect that any unknown assets discovered after the date of the order is to be distributed to the beneficiaries without further order of court.

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Expert:  Lane replied 11 months ago.

Did you see my request for more info?

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Was the stock itself never re-tited (changed ownership)?

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If you'll le me know I can give you specific next steps

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I'll be here

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Lane

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Expert:  Lane replied 11 months ago.

OK I still don't see you coming into the chat here so I'll try to provide some general information

As I mentioned before, if the asset, the stock, was probated (went through the probate process and and ownership change was done to give the ownership to the beneficiary, then the brokerage firm (or the company itself, if this is private stock) has made a mistake and you can simply ask for a new 1099-Div. And make sure that they have the correct owner's social security number on file.

But if this is essentially a newly discovered asset Section 3-1008of the Uniform Probate Code permits any interested person to file a petition with the probate court to reopen the estate.

Now, not all states have adopted this. Some states won't re-open probate. For example in Nevada, newly found assets require that a second probate estate be opened. (Although there is a set aside - a simplified process - if the asset is worth less than 100,000.)

Bot***** *****ne here is that you need to ask the company (if this isprivate stock) or the brokerage firm is this is public stock what they need to get the asset's ownership changed to the beneficiary.

Hope this helps … And again, please let me know if you haveany questions at all.

If this HAS helped, (and you don't have any other questions onthis), I'd really appreciate a positive rating(using those stars on your screen) … That's the only way I'll be credited with a portion of what you've paid JustAnswer.com

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Thank you,

Lane

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Expert:  Lane replied 11 months ago.

Also, if you'd like I can make what's called an additional services offer, where we can exchange contact information in an encrypted box (to protect anonymity on the site).

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Once you accept, I'll enter the office phone number and we can discuss this more thoroughly and confidentially.

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Only accept the offer if you like to discuss

Expert:  Lane replied 11 months ago.

Hi,

I'm just checking back in to see how everything's going.

Did my answer help?

Let me know...

Lane

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