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Ask Merlo Your Own Question
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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Unclaimed funds from a bank belonging to a decedent whose estate

Customer Question

Unclaimed funds from a bank belonging to a decedent whose estate was settled four years ago have been issued to one of the remaindermen. The estate had three remaindermen each entitled to equal shares of the remainder of the estate. The unclaimed funds were not included in the gross estate. What are the tax implications and how should the recipient of the funds proceed?
Submitted: 7 years ago.
Category: Tax
Expert:  Merlo replied 7 years ago.

Hello JA Customer,

 

If the funds were not included as part of the original gross estate, then they are not subject to any estate taxes, assuming that estate taxes even applied.

 

The recipient of these funds is not required to report the receipt of this money. If taxes would have been due, the funds would have been included as part of the estate and taxed at that time if estate taxes applied.

 

If this was helpful please press the Accept button.

 

Thank you JA Customer

 

 

Customer: replied 7 years ago.
Relist: Inaccurate answer.
Expert:  Merlo replied 7 years ago.
Okay
Customer: replied 7 years ago.
The estate was a taxable estate. The funds were received in 2009. It was a check issued by a state authority. The proceeds exceeded $10,000.
Expert:  Merlo replied 7 years ago.

As requested, your question has been relisted for a more accurate answer.

 

 

Customer: replied 7 years ago.
please state what additional information you need.
Expert:  Merlo replied 7 years ago.

I do not need any additional information. I have put your question back on the open board for someone else to respond to. If someone else feels they need more information, they will let you know what they need.

 

Thanks for your patience in awaiting a new response.

 

Customer: replied 7 years ago.
Your welcome
Expert:  Merlo replied 7 years ago.

Hopefully someone else can help you with this soon.

 

In the meantime, please do not continue to respond in this link, otherwise it just takes your question off the open list again where no one else is able to respond.

 

Customer: replied 7 years ago.
Relist: Last night you stated my question would be handled by a panel of experts since I wasn't satisfied with the original answer. I haven't received any other response..
Last night you stated my question would be handled by a panel of experts since I wasn't satisfied with the original answer. I haven't received any other response.