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Thomas McJD
Thomas McJD, Attorney
Category: Estate Law
Satisfied Customers: 3170
Experience:  Wills, Trusts, Probate & other Estate Matters
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My great-aunt died 30+ years ago, leaving stocks in her

Customer Question

My great-aunt died 30+ years ago, leaving stocks in her estate. The income from the stocks was designated to go to my father and aunt (as she had no children). Upon their death the principle is to be split one-half to their children. My father has been executor of this estate, submitting tax returns, producing Form Ks, distributing the dividends for 30 years (and paying income taxes on the dividends), etc. As it has been 30+ years, the value of the stocks, some of which have split 4 times, has increased substantially. I will be my father's executor and will have to wind up my great-aunts estate upon his death. Questions:
JA: Since estate law varies from place to place, can you tell me what state this is in?
Customer: All parties reside in GA. 1) I understand the cost basis of the stocks right now is based on the date my great-aunt died. Will that still be true when my father dies, or will it be his death date?
JA: What documents or supporting evidence do you have?
Customer: We have complete records of every transaction, dividend payment, tax forms (1040, 1099, k) and disbursement from the estate for 30 years.
JA: Anything else you want the lawyer to know before I connect you?
Customer: not at this time
Submitted: 10 months ago.
Category: Estate Law
Expert:  Barrister replied 10 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

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1) I understand the cost basis of the stocks right now is based on the date my great-aunt died. Will that still be true when my father dies, or will it be his death date?

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How are the stocks being held right now? you mention a K-1 so that leads me to believe they are in a trust..

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thanks

Barrister