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