Legal Question in Wills and Trusts in Illinois
E/O Ethel Skora, dod 4/03, cook county IL
Husband 25% beneficiary. Only 2 stock accts consisting of 750 shares total. Probate filed 01/05. Ltrs of Ind. Admin issued 1/25/05. To date, have received no distributions. 1 acct liquidated sometime previous to 7/4/07, other acct recently liquidated early Oct. Per Sect 5/24-10, rep. may have to pay 10% interest on assets obtained but withheld. Based on this, what would qualify either the 1st or 2nd acct liquidated but not yet distributed?
1 Answer from Attorneys
Re: E/O Ethel Skora, dod 4/03, cook county IL
I'm not exactly sure what you are asking, but it would not be unusual for there to be some taxes due on interest to the estate or perhaps capital gain on the sale of stock that was held for a couple of years.
You should check with the attorney for the estate to see when he will be making a distribution. The estate has been open for quite a long time.
Good luck to you.
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