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I would like to know if there any tax implications involved

Hello there! I would like to...
Hello there!
I would like to know if there any tax implications involved in or upon withdrawing and closing out an estate savings account in which you are named as the executor of the deceased estate? The non interest bearing savings account was opened and funded with monies from the estate 5 years ago with no withdrawals ever been made from it.Thank You
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Answered in 4 minutes by:
11/24/2017
Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 12,994
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi. My name's Lane -

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice 1986.

If you’ll please bear with me for a minute I’ll type up my initial response, and then we can go from there if you have further questions on this.

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No taxable event here at all. This is simply retitling of an asset.

...

Only interest or capital gains on the account would be taxable (either to the estate or the beneficiary if passed out via the 1041's K-1).

...

But simply withdrawing and doing whatever the will, or intestacy laws, allow, to get the asset where it goes (re-titled to the correct person/entity) is not taxable.

Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 12,994
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified
Lane and 87 other Finance Specialists are ready to help you
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Customer reply replied 20 days ago
Awesome! Thanks you for always providing a detailed answer :-)

Please let me know if you have ANY questions at all, before rating me.

If this has helped, and you DON’T have other questions … I'd appreciate a positive rating, using the stars on your screen, and then clicking “submit" – That’s the only way I’ll be credited for the work.

...

But again, if you need more on this, please let me know.

Lane

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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 12,994
12,994 Satisfied Customers
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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