Legal Question in Wills and Trusts in California
After Estate settled: stocks discovered
I settled my father's estate 4 years ago. In an attempt to clean out old paperwork, I came across a statement that said dad had been issued shares of stock in his insurance company. What would be the consequences (tax or other) of transfering ownership now to myself and my sibling? Anything else I should know? Thank you.
1 Answer from Attorneys
Re: After Estate settled: stocks discovered
You need to call up whatever attorney handled the estate on this one. If there was originally estate taxes, or you were on the cusp of estate taxes, you will most likely have to file an amended return.
Furthermore if you were the trustee or executor of your Father's estate, you probably owe a duty to look into this in more detail and speak to your counsel about it.
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