If my sister died 6 years ago and I have found unclaimed property for her, will this be taxable to her heirs?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If my sister died 6 years ago and I have found unclaimed property for her, will this be taxable to her heirs?
It was stock and will be distributed to her heirs as cash. Will this be taxable to them?
Asked on September 7, 2012 under Estate Planning, South Carolina
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Under federal and state estate tax laws, the stock that is part of your sister's estate is not taxable to her heris. Rather, such assets are taxable as part of your sister's estate for estate tax purposes. Most likely you will have to open up her probate if there was one for her estate (she had a Will). If no Will or trust, you will probably have to file an intestacy proceeding as to such stock certificates.
I suggest that you consult with a Wills and trust attorney about how to deal with the stock certificates that you discovered.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.